Yodlee, Inc. and Xero plan to expand Xero's online solution for financial advisors and small businesses, by using Yodlee's Software Development Kit (SDK).
Xero's accounting solution provides real-time access to bank transactions, invoices and reports for consumers and small businesses across the globe. Using Yodlee's SDK to extend its growing number of bank accounts available to small businesses, Xero will increase customer account access to more than 11,000 financial institutions and account sources, including 100 throughout Australia.
"For small businesses, the ability to automatically view all of your financial data in one place is crucial to successfully managing cash flow," says Xero CEO Rod Drury. "Extending the availability for our customers to access their financial information at thousands of additional financial institutions further reinforces Xero's commitment to being the leading online accounting solution. We've chosen Yodlee based on their proven technology and industry practice as the prime channel to deliver bank data that is both scalable and secure."
Yodlee provides secure and personalized online personal finance management (PFM) services in the U.S., powering 85% of the industry, with more than 20 million consumers at leading bank and portal sites.
"Everyone from the average consumer to the business owner needs reliable financial resources they can depend on," stated Yodlee CEO, Anil Arora. "Increasing access and account availability adds greater value to those end-users looking to budget and maintain their financial stability. We are looking forward to the expansion of Xero's existing platform and bringing accounting solutions to the masses."
The fully integrated service will be released in mid 2010 for Xero Business customers.