Silicon Valley Bank, Xero partner on data sharing

Silicon Valley Bank in Santa Clara, Calif., on Wednesday announced a partnership with the cloud-based accounting platform Xero.

The partnership is the latest in a string of announcements between banks and such service providers to share data through application programming interface.

The direct integration between the bank and Xero is designed to allow SVB and Xero’s mutual small-business customers to manage their daily bank reconciliation activities and understand cash flow in real time, SVB said.

“We want our clients to be able to focus on their business, not how they get their financial data from point A to point B,” Megan Minich, SVB’s head of product development and channel delivery, said in a press release. “Our integration with Xero delivers clients their data, where they want it, when they want it, leveraging a reliable, scalable and more secure technology.”

Xero started a similar relationship with Wells Fargo last year. It also announced last year that City National Bank in Los Angeles was working with the platform to integrate its online banking site for small-business customers with Xero's technology.