SAN FRANCISCO, July 11, 2018 (GLOBE NEWSWIRE) -- Xero, a global leader in cloud accounting software, today announced that it is collaborating with BBVA API Market to give Xero users access to their BBVA Compass accounts through the bank’s Open APIs. The collaboration will provide small businesses, upon their consent, with greater control, reliability and security over their financial data and for accountants it will make managing their clients’ reconciliation activities easier – freeing up their time for more value-added services.
The integration leverages a set of application programming interfaces (APIs) through BBVA API Market to be used for bank account data sharing. The integration with Xero’s cloud-accounting solution will give small businesses who are customers of BBVA Compass an on-demand view of their cash position, along with greater data sharing security through a fully digital process. Moreover, this integration will streamline core accounting functions such as bank reconciliation to save small businesses time and resources.
“This partnership is a key milestone for Xero,” said Mary Buckley, Head of Financial Partnerships, Xero Americas. “Like Xero, BBVA API Market embraces open APIs to provide small businesses and their advisors with greater control, visibility and security over their financial data. We’re thrilled to be the first cloud accounting platform to announce a collaboration with BBVA API Market for this type of data sharing in the US.”
Together with their trusted advisors, small business owners can better manage daily bank reconciliation activities and understand cash flow in real time. Business owners can make smarter decisions, fueled by a feed of accurate and comprehensive financial data without the hassle and costly mistakes caused by out-of-date cash flow information.
“BBVA API Market allows companies of any size and from numerous industries to easily integrate financial services directly into their product offerings. They can create new and innovative services that offer added value to their customers, monitor and analyze payments, verify identity and notify customers, and much more...all with the support of a global financial institution,” said Rob Sears, Global Head of Product and Open Platform, BBVA New Digital Businesses.
Added Buckley, “Xero is committed to working alongside innovative banks to ensure small businesses have secure access to their banking data, enabling them to get paid faster, access capital when they need it and make sound business decisions with the right insights at their fingertips.”
About Xero
Xero is a beautiful, easy-to-use global online platform for small businesses and their advisors. The company has 1.4 million subscribers in more than 180 countries. Xero seamlessly integrates with more than 600 apps. It was ranked No. 1 by Forbes as the World's Most Innovative Growth Company for two years running, won Technology Provider of the Year for the British Small Business Awards, and was rated by Canstar Blue as Australia’s best accounting software three consecutive years from 2015-2017.
About BBVA
BBVA is a customer-centric global financial services group founded in 1857. It has a solid position in Spain, is the largest financial institution in Mexico, and has leading franchises in South America and the Sun Belt region of the United States. Its diversified business is focused on high-growth markets, and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity and a long-term vision, and it applies the best practices. It is present in the main sustainability indexes.
BBVA's New Digital Businesses (NDB) unit invests in, partners with, incubates, and acquires disruptive financial technology firms as part of BBVA’s focus on delivering innovation in the banking sector. From its offices in Madrid, San Francisco, Hong Kong, and London, NDB is actively searching for leading, innovative businesses to shape the future of the sector. Through NDB, BBVA has acquired Simple (U.S.), Holvi (Finland), and Openpay (Mexico) and owns a substantial stake in Atom (U.K.). It has incubated a number of fintech startups including, Azlo, Covault, Denizen, Muno, and Trust-u. BBVA also invests in fintech through its venture capital arm, Propel Venture Partners US Fund I, L.P.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 649 branches, including 336 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.
Contacts:
Steve Sharpe
uspress@xero.com