Capital One Financial Corporation and Intuit have announced an API-enabled partnership that allows Capital One customers who utilize Intuit Services (e.g. QuickBooks, TurboTax, Mint, etc.) to share financial data without sharing login credentials. The API allows users to connect Capital One credit card and bank accounts with the appropriate Intuit service. With the partnership, both companies aim to provide their shared customers with secured and transparent offering that eases the use of services from both companies.
"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," Capital One's Vice President of Enterprise Digital Products and Data Connections, Beck Heironimus, commented in a press release. "We look forward to build on this relationship to offer users new ways to access data and importantly, to continue enhancing the customer experience."
The data sharing between these two juggernauts is inline with the Consumer Financial Protection Bureau's recently published principles for protecting consumer-authorized financial data sharing. The API driven partnership gives consumers the ability to control the transfer of their financial data to trusted third parties. The consumer-driven sharing is a principle that is popping up in financial data sharing regulation around the globe.
The partnership is driven through Capital One's Customer Transactions API. Intuit gains tokenized authorization to Capital One account information upon the Capital One customer's request. Accordingly, the customer is in control over which Intuit service gains access to Capital One account information. Once the service is given tokenized access, the continued need for use of login credentials is no longer needed. For specific API information, visit the Customer Transactions API docs.
The Capital One/Intuit partnership makes sense as the companies share many common customers. Capital One has an established developer community, with a suite of tools and APIs. With the data owning API sitting on the Capital One side of the relationship, other banks and credit card companies would be wise to consider such opportunities with Intuit and other service providers whose customers commonly share financial data. Expect more announcements to come out of this partnership and similar partnerships.