Capital One Financial Corporation has announced an agreement with Intuit Inc. allowing Capital One customers who use Intuit’s suite of services including QuickBooks Online, Mint, and TurboTax, to securely import their financial data without sharing login credentials.
The agreement with Intuit utilizes an application-programming interface (API) enabling Capital One customers to directly connect their personal and small business credit card and banking information with Intuit -- further enhancing the exchange of customer data to improve user experiences. Aligned with the Consumer Financial Protection Bureau’s recently released principles for protecting consumer-authorized financial data sharing, the direct data sharing API helps create a level playing field for consumers to share their financial data with trusted third parties in a way that is within the consumer’s control.
“We know many of our customers actively use the Intuit suite of products, and we are excited to enable this partnership allowing customers to share their data in a way that is secure, transparent and under their control,” said Becky Heironimus, Vice President of Enterprise Digital Products and Data Connections at Capital One. “We look forward to building on this relationship to offer users new ways to access data and importantly, to continue enhancing the customer experience.”
“We continuously strive to deliver a great experience for consumers, small-businesses and the self-employed,” said CeCe Morken, Executive Vice President and General Manager of the Strategic Partnership Group at Intuit. “Intuit products, such as Mint, TurboTax Online and QuickBooks Online, provide tens of millions of customers with an ecosystem of financial management solutions. Working through Capital One’s API, our shared customers can be confident that they’ll be getting simplified access to their account information so they can make informed decisions for themselves or their business.”
Through the direct data-sharing API partnership, mutual customers of the two companies will benefit from access to accurate and stable data, and increased transparency and control over how, when and with whom they choose to share their Capital One financial data. Shared customers will be empowered to better manage daily bank reconciliation activities and cash flow – and ultimately make smarter decisions fueled by a more comprehensive and accurate feed of financial data.
Capital One’s Customer Transactions API leverages oAuth capabilities to provide Intuit with tokenized authorization to access account information upon a customer’s request, without requiring customers to directly enter their login credentials with a third party. The integration gives Capital One customers more control over the financial data they choose to share.