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.
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.
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 Online, ProSeries® 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 States, Canada, the United
Kingdom, India , Israel, Australia and other locations.
More information can be found at www.intuit.com.
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SOURCE Capital One Financial Corporation