The new method of data sharing between Wells Fargo and Xero offers small business owners online security and control over what bank information they choose to share with the accounting software firm when they manage their finances.
When Xero customers are logged in to the service and wish to set up or add a Wells Fargo account, they will now be directed to a Wells Fargo secure server to begin the enrollment process.
After confirming the account information, the customer is then directed back to Xero. Data sharing between Wells Fargo’s servers and Xero’s servers is then done via a unique token that identifies the customer and the customer’s accounts.
The new data exchange model will begin rolling out for new Xero customers who have Wells Fargo accounts in July. Wells Fargo customers who are currently using Xero will be moved to this new service beginning in Q4 2016.
Xero is a New Zealand-based software company that develops cloud-based accounting software for small and medium-sized businesses.
Wells Fargo is an international banking and financial services holding company which provides banking, insurance, investments, mortgage, and consumer and commercial finance.
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