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Wells Fargo has partnered with Xero to create a data-sharing platform for the bank’s small business customers who use Xero’s accounting software to manage their finances. The new method is underpinned by an application-programming interface (API) which creates a tokenized “handshake” between the companies’ servers. It will begin rolling out for new Xero customers who have Wells Fargo accounts in July. Those who are currently using Xero will be moved to the new service beginning in Q4 2016.

“We’re very pleased that Xero is the first major technology company to join us on the journey of creating a more secure and customer-focused model of sharing data between companies that have common customers,” says Brett Pitts, Head of Digital for Wells Fargo Virtual Channels. “In an era of increasing concern about the security of electronic financial data, it is time to move toward more secure and more reliable data exchange methods. As a result of this agreement, we’re creating a much better experience for our shared small-business customers, who will benefit considerably from the improved process that comes out of this innovative agreement.”

By Scott Thompson

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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