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Capital One and Intuit Announce Data Sharing Agreement

October 31, 2017 at 8:00 AM EDT
Application-Programming Interface enables Capital One Customers to Safely Connect Personal and Small Business Credit Card and Banking Financial Data with Intuit

MCLEAN, Va., Oct. 31, 2017 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced an agreement with Intuit Inc. (Nasdaq: INTU) 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.

Capital One

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'srecently 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'sCustomer 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.

About Capital One

Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $239.8 billion in deposits and $350.6 billion in total assets as of June 30, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Capital One launched its Customer Transactions Application Programming Interface (API) in 2017, providing its customers with the ability to more safely and securely share their transaction data with participating third party organizations that they trust. As of October 2017, Capital One has executed contracts for its Customer Transactions API with Abacus, Expensify, and Xero.

Visit the Capital One newsroom for more Capital One news.

About Intuit

Intuit Inc. is committed to powering prosperity around the world for consumers, small businesses and the self-employed through its ecosystem of innovative financial management solutions. Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. QuickBooks Self-Employed provides freelancers and independent contractors with an easy and affordable way to manage their finances and save money at tax time, while Mint delivers financial tools and insights to help people make smart choices about their money. Intuit's ProConnect brand portfolio includes ProConnect Tax OnlineProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants. 

Founded in 1983, Intuit serves 46 million customers in North America, Europe, Australia, Brazil and India, with revenue of $5.2 billion in its fiscal year 2017. The company has approximately 8,200 employees with major offices in the United StatesCanada, the United KingdomIndia, Israel, Australia and other locations.

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