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.
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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.
SOURCE Capital One Financial Corporation