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May 31, 2017

Abacus integrates with Capital One API to offer on-demand data sharing connection

Abacus, an expense reporting software provider, has integrated its oAuth technology to Capital One’s Customer Transactions application programming interface (API) to offer an on-demand data sharing connection between their platforms.

The integration will allow consumer and small business customers of Capital One to grant Abacus tokenised authorisation to access requested account information. It also eliminates the need for customers  to directly provide Abacus with their personal bank login credentials.

The move is intended to deliver timely transaction data within Abacus to automate submission and approval process.

Capital One vice president of enterprise digital products and data connections Becky Heironimus said: “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.

“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.”

Abacus chief technology officer and co-founder Josh Halickman said: “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.

“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.”

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