Capital One Financial Corporation and Intuit Inc. recently formed a direct data-sharing application-programming interface (API) partnership.
Officials said the initiative would allow Capital One customers who use Intuit’s suite of services such as QuickBooks Online, Mint, and TurboTax to securely import financial data without sharing login credentials.
“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,” Becky Heironimus, Capital One’s vice president of Enterprise Digital Products and Data Connections, said. “We look forward to building on this relationship to offer users new ways to access data and importantly, to continue enhancing the customer experience.”
The agreement also enables 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.
“We continuously strive to deliver a great experience for consumers, small businesses and the self-employed,” CeCe Morken, Intuit’s executive vice president and general manager of the Strategic Partnership Group, said. “Intuit products 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.”
The direct data sharing API is in accordance with the Consumer Financial Protection Bureau’s recently released principles for protecting consumer-authorized financial data sharing, assisting in the creation of 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.