- TD Bank Group and Plaid have announced a North American data access agreement, aimed at improving financial data connectivity for their customers.
- The partnership enables customers to securely link and share their financial data with over 8000 apps and services available through Plaid’s network.
- This initiative is part of TD’s ongoing efforts to provide a secure and user-friendly digital experience, with recent collaborations including Mastercard’s US open banking arm, Finicity, and Akoya Data Access Network.
TD Bank Group (TD) and Plaid have collaborated on a data access agreement in North America, designed to enhance financial data connectivity for TD’s customers in the US and Canada. This partnership presents TD customers with the ability to securely link and share their financial data with Plaid’s expansive data network, comprising over 8000 apps and services through application programming interfaces (APIs).
The use of APIs is set to deliver increased data security and privacy, allowing customers to avoid sharing critical login credentials with third-party providers. This agreement signifies a key development in creating a more secure, innovative, and reliable digital experience for TD customers, according to Franklin Garrigues, VP of External Ecosystems at TD Bank.
Cecilia Frew, Head of Open Finance at Plaid, echoed these sentiments, expressing pride in collaborating with TD to present customers with safe and reliable access to their financial data. Current data suggests that 84% of consumers feel they benefit from being able to manage their finances online. The partnership with TD will potentially equip millions of customers with the necessary tools to securely connect to digital financial applications in Plaid’s network and comfortably manage their everyday finances.
TD has been proactive in its attempts to offer a secure, straightforward and enjoyable digital experience that gives customers more control over sharing their financial data. As part of these efforts, TD became a member of the Financial Data Exchange (FDX) in 2018, to propagate solutions that enhance customer data protection and support API-based technology protocols. In 2020, TD entered into a data-access agreement with Mastercard’s US open banking unit, Finicity, laying the groundwork for customer-authorised data sharing with APIs.
In 2021, TD extended its fintech partnerships by joining Akoya Data Access Network, enabling US-based customers to securely share data with fintechs and aggregators without providing login credentials to third-parties. It also signed a North American data access agreement with Envestnet | Yodlee which allows customers to link their TD accounts to widely used financial management, payments, wealth, and small business applications.
