Toronto-Dominion (TD) Bank Group and Plaid have united to launch data sharing technology in North America.
The partnership intends to enhance data security and privacy for TD customers.
Partnership Details
As part of the collaboration, TD’s customers will have the ability to securely share their financial data across Plaid’s network of over 8,000 apps and services. Importantly, this will occur without customers needing to expose their login credentials, further enhancing security. The partnership leverages Application Programming Interfaces (APIs), which will facilitate a secure data sharing process.
About TD Bank Group and Plaid
TD Bank Group, a prominent financial institution, offers a diverse range of services including personal and commercial banking, wealth management, and insurance. Continually seeking innovative approaches to improve its digital offerings, TD is striving to provide a safer and more efficient banking experience.
Plaid is a leading player in the FinTech industry, specializing in creating platforms that facilitate secure and efficient sharing of financial data. The company’s technology connects various financial applications, enabling seamless transactions, and data exchanges between institutions and the public.
Establishing a New Paradigm
An innovative digital experience is a critical focus for TD, with initiatives in place to protect customer data and provide solutions that are innovative and customer-centric. This is evident in TD’s previous initiatives such as the partnership with Mastercard’s Finicity and collaborations with the Akoya Data Access Network and Envestnet | Yodlee.
Franklin Garrigues, Vice President (External Ecosystems) at TD, described the data access agreement with Plaid as another crucial step in developing a secure, reliable, and innovative digital experience for TD’s customer base. Cecilia Frew, Head of Open Finance at Plaid, echoed this sentiment, highlighting the importance of providing customers with safe and reliable access to their financial data.
