Codat, the Universal Small Business Data API that helps software vendors and financial institutions build integrated products for their SMB customers, announced an integration partnership with the international technology platform Intuit (NASDAQ: INTU).
This partnership will aim to spark “a new wave of Open Finance for SMEs and accelerate the development of applications for QuickBooks,” according to a statement.
Over the past few years, banking institutions and fintech companies have worked cooperatively to develop Open Banking policies, “making strides for consumers by urging governments around the world to support open access to consumer data. financial institutions “.
But for businesses, accounting software (not the bank account) serves as the basic operating system, “making progress towards open accounting a more meaningful revolution for them,” the announcement notes.
While accounting APIs have been more open than banking institutions, there is still a lot of paperwork and hidden obstacles that “prevent small businesses from freely sharing their data.” The statement also mentioned that Codat and Intuit “were helping catalyze the first step towards a similar policy change for accounting data to accelerate the open finance policies that small businesses desperately need.”
âIntuit shares our commitment to making life easier for small businesses, so we’re excited to partner with them to streamline app development for QuickBooks,â said Peter Lord, CEO and co-founder of Codat.
âBy enabling the development of connected services and ensuring secure and controlled open data sharing that specifically benefits small businesses, we are not only advancing our mission, but we are also helping to start a wider conversation about the need to ‘Open Finance for SMEs. “
Codat’s technology handles all the complexity of authentication, data mapping, configuration and data validation so that application developers are able to get their products to market faster and keep track of a fast application approval process with Intuit.
The partnership also adds “additional transparency and parameters regarding the data exchanged between Intuit, Codat and the third-party application, ensuring secure but open access for small businesses to share their data.”
âAt Intuit, we want to make it easier and faster to develop secure, high-quality, connected QuickBooks apps,â noted Jeremy Sulzmann, VP, Developers & Partners Business Segment Leader at Intuit.
âWe recognize that more and more QuickBooks developers are now using Codat to connect, and by partnering with them, we can accelerate the availability of new features and integrated services for QuickBooks customers.