NEW YORK--(BUSINESS WIRE)--Abacus, the first real-time expense reporting software, today announced an integration with Capital One’s new Customer Transactions application programming interface (API), which provides a more secure and reliable on-demand data sharing connection between Capital One and the Abacus platform.
Using oAuth technology, the API enables Capital One’s consumer and Small Business customers to grant Abacus tokenized authorization to access requested account information. This new connection eliminates the need for customers to directly provide Abacus with their personal bank login credentials, and provides added transparency into the specific customer data categories that will be shared.
“We believe that the future of banking is digital, and it’s critical that consumers and small businesses are able to manage access to personal financial data in a way that is exceedingly easy, secure and at their request,” said Becky Heironimus, Vice President of Enterprise Digital Products and Data Connections at Capital One. “With this API, we’re enabling our customers to take advantage of trusted third-party personal finance sites in a way that is significantly more secure, stable and always under their control.”
Over the past several months, Abacus has integrated with other banks to directly ingest transaction data, however, Capital One is one of the first financial institutions to offer an open API. The goal of the integration is to provide customers with accurate, timely transaction data within Abacus to automate more of the submission and approval process.
The direct data-sharing relationship additionally reduces data quality issues that can arise from reliance on third-party data aggregators.
“We are excited to integrate with the new Capital One API to bring our mutual customers an on-demand solution for combining their credit card data and expense reporting process,” says Josh Halickman, CTO and Co-Founder of Abacus. “Accurate data is key to providing more actionable reporting and faster reconciliation. Unfortunately, most banks don’t yet provide open APIs that allow their customers to grant access to this type of information. Capital One gives us the opportunity to provide our customers with a better experience.”
Abacus is the first real time expense reporting solution, using data and behavior analysis to make recommendations and automate expense creation and approvals as they happen. Using heuristics, expenses are curated to help administrators focus on anomalies and high priority items. Abacus processes next-day reimbursements, enforces your expense policy, reconciles corporate cards, and syncs with your accounting software. Businesses like Greenhouse, Betterment and Quora use Abacus as a smarter way to manage expenses.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $241.2 billion in deposits and $348.5 billion in total assets as of March 31, 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 Data Sharing Application Programming Interface (API) in 2017, and provides its customers with the ability to more safely and securely share their transaction data with participating third party organizations that they trust. As of May 2017, Capital One has executed contracts for its Data Sharing API with Abacus, Expensify and Xero.