BMO Financial Group has joined forces with Intuit Canada to enable its small business customers in Canada share their financial data in a secure way.

Under the agreement, Intuit will use the customer data for offering its QuickBooks Online service.

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Intuit Canada president Jeff Cates said: “Small businesses save time when bank data can be linked to QuickBooks Online, enabling auto-categorisation and removing the drudgery of accounting.

“We are focussed on working with partners to find ways to help businesses save time and grow and are proud to work with BMO to enable the success of our joint customers.”

In this process, Intuit will access the data of BMO customers through an API portal. This will enable Intuit to access the information without storing customers’ user names and passwords.

Customers will also have control on what data is exchanged and how it is used.

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BMO chief digital officer Brett Pitts said: “This partnership will enable our mutual small business customers to take greater control of their financial lives by more easily and securely exchanging the data they choose to share between BMO and Intuit Canada.

“Going forward we are excited by the potential to expand this to our North American platform for our mutual customers using QuickBooks Online, QuickBooks Self Employed and Mint – including possible two-way data sharing.”