Capital One Labs announces 3 new APIs
Skip Potter, Senior Director at Capital One Labs recently spoke at the Business of APIs conference in New York about 3 APIs they have recently release into the Market: Deal API, Rewards API and Identification and Authorization(OAuth) API.
Capital One’s Deal API is different from other Deal APIs that companies like Groupon and Mastercard offer because they have a proprietary engine that allows them to know what people are buying. Since Capital One knows where people are actually spending there money they are able to pinpoint the deals they offer more effectively. They are able to do this all without actually sharing any of the transaction data.
Capital One believes that with the Deal API and the right partners they will be able to create more relevant ads and messages at the point of purchase to get in front of the customer when it matters most.
The Rewards API is making it easier for customers to use points. Capital One has found that most people who use their points tend to save them up for a big event such as travel or new furniture. A lot of customers generate small volumes of rewards points and never hit the really a high number, which means Capital One’s customers are sitting on billions of dollars of unused rewards points right now.
To help alleviate this, Capital One wants to enable partners and customers to spend their reward point’s in real-time at the point of purchase. When you are ready to check out you will be asked prior to payment if you want to use your rewards points or another payment method. There are even some restaurants are willing to give preferential treatment to people who buy dinner reservations using their points.
The Identification and Authorization (OAuth) API is helping Capital One manage financial identity in the digital age. Capital One has regulatory and brand responsibility to protect people’s privacy and money and they want to safeguard that. The OAuth API can be used with payment apps and payment services to help fight fraud and loss prevention.