Introduction

Financial institutions on the Plaid Exchange API can leverage Abound's Transaction Predictions to enrich transactional data sets in real-time and bring a more complete offering to their banking experiences.

Tax Deduction Annotations

Using the Abound + Plaid Exchange integration, transactional data is automatically annotated by Abound to identify tax-deductible expenses. These annotations are added to the transactions in real time and are then passed back to the financial institution over the Plaid Exchange API.

Below is a sample annotation payload representing the data that Abound adds to a transaction set.

[
  {
    "transaction_id": "aKoN6vE8XnuJlMzL4WREUNW8M46JQVFRGemad",
    "foreign_id": "userId_6NfOyFx5yk2Ou636Zf03W4EySHp8DTiP",
    "tax_deduction": {
      "tax_authority": "IRS",
      "deduction_currency": "USD",
      "deduction_amount": "59.99",
      "deduction_classification": "business",
      "deduction_category": "Utilities"
    }
  },
  {
    "transaction_id": "zVnolp4GrjUdzrxZLVmJtZngGrblRBuE8gb78",
    "foreign_id": "userId_86ucS58zTCJrwHb43X79Dhw9dH2UGJa7",
    "tax_deduction": {
      "tax_authority": "IRS",
      "deduction_currency": "USD",
      "deduction_amount": "1812.34",
      "deduction_classification": "business",
      "deduction_category": "Travel"
    }
  },
  {
    "transaction_id": "BAryLEqMZVcqAeyawMr5HNNNNA5dLxu7m4vXk",
    "foreign_id": "userId_TP9Yso9t1mA9JtcxHThN4aZNY9IXV72n",
    "tax_deduction": {
      "tax_authority": "IRS",
      "deduction_currency": "USD",
      "deduction_classification": "personal"
    }
  }
]

The Plaid Exchange is still in beta. For more information about this integration, please send us a note.