Codat, the universal API for small business data that enables software providers and financial institutions to build integrated products for their small business customers, announced an integration partnership with the global technology platform Intuit. This partnership will bring about a new wave of Open Finance for SMBs and speed app development for QuickBooks.
In recent years, banks and fintechs have worked together to pioneer Open Banking policies, making progress for consumers by urging governments around the world to support open access to data from financial institutions. But for businesses, accounting software — not the bank account — acts as their core operating system, making progress toward open accounting a more meaningful revolution for them. Although accounting APIs have historically been more open than banks, there is still copious red tape and hidden barriers that prevent small businesses from freely sharing their data. Codat and Intuit are helping to catalyze the first step towards a similar policy shift for accounting data to accelerate open finance policies that small businesses desperately need.
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“Intuit shares our commitment to making the lives of small businesses easier, so we’re thrilled to partner with them to streamline app development for QuickBooks,” said Peter Lord, CEO & Co-Founder of Codat. “By enabling the development of connected services, and ensuring secure, controlled open data sharing that specifically benefits small businesses, we’re not only furthering our mission but also helping start a larger conversation about the need for Open Finance for SMBs.”
Codat’s technology manages the complexity of authentication, data mapping, configuration, and data validation so that developers can bring their products to market more quickly and go through an expedited app approval process with Intuit. The partnership also adds additional transparency and parameters around the data exchanged between Intuit, Codat, and the third-party app, ensuring secure but open access for small businesses to share their data.
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“At Intuit, we want to make it easier and faster to develop secure, high quality, QuickBooks-connected apps,” said Jeremy Sulzmann, Vice President, Developers & Partners Business Segment Leader at Intuit. “We recognise that more QuickBooks developers are now using Codat to connect, and that by partnering with them we can accelerate the availability of new integrated features and services for QuickBooks customers.”
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