Schwab Express Web Connect + Is Schwab using Capitol One as the interface for downloads?

lizbar
lizbar Member ✭
in Investing (Windows)
The ? by Schwab Express Web Connect says "The Express Web Connect+ interface is provided by Capital One which allows you to connect to Quicken, by signing into Capital One's secure authentication screen". Is this correct that the updates from Schwab come via Capital One and Capital One has access to this information?

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Answer ✓
    No.  It is not correct.  Capital One was just the first financial institution Intuit switched to Express Web Connect+ and Quicken hasn't updated their Help documentation yet.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Answer ✓
    No.  It is not correct.  Capital One was just the first financial institution Intuit switched to Express Web Connect+ and Quicken hasn't updated their Help documentation yet.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    What isn't clear in my mind is that the backend is actually the same in both cases.

    Just as "regular" Express Web Connect is "an agreement on how to download" where that agreement can vary and isn't the same for all of the financial institutions, it seems like Express Web Connect + is similar and doesn't mean that they are both using the same protocols between Intuit and the financial institution.
    More that the interface between Quicken Inc's servers and Intuit are using the same protocol.

    From the information I have seen posted Charles Schwab was pushing the aggregators accessing its clients information to use its API.  That certainly doesn't sound like it "switching to Express Web Connect +" API/what Capital One, Inuit, and Quicken Inc worked out.
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  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 2021
    Chris_QPW said:
    What isn't clear in my mind is that the backend is actually the same in both cases.

    Just as "regular" Express Web Connect is "an agreement on how to download" where that agreement can vary and isn't the same for all of the financial institutions, it seems like Express Web Connect + is similar and doesn't mean that they are both using the same protocols between Intuit and the financial institution.
    More that the interface between Quicken Inc's servers and Intuit are using the same protocol.

    From the information I have seen posted Charles Schwab was pushing the aggregators accessing its clients information to use its API.  That certainly doesn't sound like it "switching to Express Web Connect +" API/what Capital One, Inuit, and Quicken Inc worked out.
    Perhaps you're over thinking it.  The difference between Express Web Connect and Express Web Connect+ is the credentials Intuit maintains.  With Express Web Connect, Intuit maintains the name and password used to access the sign in account at the financial institution when the connection method is setup.  With Express Web Connect+, Intuit maintains a certificate obtained from the financial institution when the connection method is setup.  So, other than setup, the communication between Quicken and Intuit for the Express Web Connect and Express Web Connect+ connection methods should be the same.  The methods used by Intuit to pull data from the financial institutions have always varied from screen scraping to backdoor APIs.  

    Note: Schwab is only the fourth financial institution to decide to rely exclusively on the Express Web Connect connection method for investment accounts. 
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @Sherlock, yes, that seems very likely to be the case.
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