MCLEAN, Va., Dec. 5, 2017 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced an agreement with
Clarity Money allowing Capital One customers to more securely
import their financial data to Clarity Money without sharing login
credentials. The agreement allows Capital One customers to benefit
from Clarity Money's personal financial management tools powered by
the latest innovations in machine learning, data science, and
artificial intelligence.
The agreement with Clarity Money utilizes Capital One's
application-programming interface (API) enabling customers to
directly connect their Capital One account data with Clarity
Money's services. Aligned with the Consumer Financial Protection
Bureau's recently released principles for protecting
consumer-authorized financial data sharing, Capital One's API
provides transparency and helps consumers share their financial
data with trusted third parties in a way that is within the
consumer's control.
"We know that many of our customers rely on financial tools, and
they want companies to have access to the account information
necessary to power these tools. The agreement with Clarity Money
helps achieve that goal in a way that is secure, transparent and
under the customer's 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 share their data
and importantly, to continue enhancing the customer
experience."
"At Clarity Money, we're committed to acting as a true financial
advocate for our users, equipping them with the tools to better
manage their finances," said Colin
Kennedy, Chief Revenue Officer at Clarity Money. "This
agreement with Capital One allows our mutual customers to share
their data in a simplified and more secure manner, better enabling
them to focus on what's important - getting the most out of their
money."
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 Clarity Money 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 $239.1
billion in deposits and $361.4
billion in total assets as of September 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 December 2017, Capital One has
executed contracts for its Customer Transactions API with Intuit
Inc., Abacus, Clarity Money, Expensify, and Xero.
Visit the Capital One newsroom for more Capital One news.
About Clarity Money
Clarity Money is a personal
finance mobile app that acts as your financial champion. Ushering
in a new era of mobile personal finance management apps, Clarity
Money uses artificial intelligence and data science to help
consumers make smarter financial decisions and get the most from
their money. The revolutionary features allow users to cancel and
lower bills, get a better credit card, get their credit score and
create a savings account, all from within the app, and all at the
push of a button. Launched in 2017 by venture capitalist and serial
entrepreneur Adam Dell, Clarity
Money is backed by leading investors, including Citi Ventures, RRE
Ventures, Soros Capital, and Bessemer Venture Partners. To learn
more about Clarity Money, click here.
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SOURCE Capital One Financial Corporation