Plaid Exchange
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.
Updated over 1 year ago
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