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TD Bank Group and Plaid enter into North American data-access agreement
New agreement will empower TD customers with greater data security and privacy by eliminating the need to share login credentials with third-party applications
TORONTO, Dec. 14, 2023 /CNW/ - TD Bank Group (TD) and Plaid today announced that they have entered into a North American data-access agreement that will enable TD customers in Canada and the U.S. to more securely connect to and share financial data with Plaid's data network of over 8,000 + apps and services.
TD customers will be able to access applications and services on Plaid's network through application programming interfaces (APIs). The use of APIs will offer TD customers greater data security and privacy by eliminating the need to share login credentials with third parties.
"Our data-access agreement with Plaid is another pivotal step in developing a more secure, reliable and innovative digital experience for our customers," said Franklin Garrigues, Vice-President, External Ecosystems at TD. "We know our customers are looking to access new types of services that meet their unique financial needs. This agreement will enable our customers who choose to access the applications and services on Plaid's network to do so with more ease, value and security."
"We're proud to work alongside TD to provide customers with safe and reliable access to their financial data," said Cecilia Frew, Head of Open Finance at Plaid. "Today 84%1 of consumers say they're better off as a result of being able to manage their financial lives online. Our relationship with TD will give millions of customers the tools to securely connect to the thousands of digital financial applications in Plaid's network and comfortably manage their everyday finances."
The data-access agreement with Plaid is the latest in a series of steps TD has taken to demonstrate its commitment to developing a more secure, transparent and easy-to-use digital experience that puts its customers in the driver's seat of sharing their own financial data. Some examples include:
- Joining the Financial Data Exchange (FDX) in 2018 to help promote solutions that better protect customer data and support an API-based technology protocol. In 2023, TD grew its role in the organization when Garrigues was elected to its board as Financial Institution Co-Chair.
- Entering into a data access agreement with Mastercard's U.S. open banking arm Finicity in 2020 that laid the groundwork to move towards customer-authorized data sharing using APIs.
- Joining the Akoya Data Access Network in 2021 to enable U.S.-based customers to share data with fintechs and aggregators without the need of sharing logins and passwords with third parties.
- Entering a North American data access agreement with Envestnet | Yodlee in 2021 to enable customers to connect their TD accounts to popular financial management, payments, wealth, and small business applications powered by the Envestnet | Yodlee financial data aggregation platform.
1 Plaid, The Fintech Effect 2023
"TD is committed to delivering the best experiences to our customers across all channels," said Matt Boss, Head of Consumer Product at TD Bank, America's Most Convenient Bank®. "TD Bank Group's agreement with Plaid is the latest example of how we're upholding that commitment by providing an improved, intuitive digital experience via secure connectivity with Plaid's environment."
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 16 million active online and mobile customers. TD had $1.96 trillion in assets on October 31, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
Plaid is a global data network that powers the tools millions of people rely on to live a healthier financial life. Our ambition is to facilitate a more inclusive, competitive, and mutually beneficial financial system by simplifying payments, revolutionizing lending, and leading the fight against fraud. Plaid works with over 8,000 companies including fintechs like Venmo and SoFi, several of the Fortune 500, and many of the largest banks to empower people with more choice and control over how they manage their money. Headquartered in San Francisco, Plaid's network spans over 12,000 institutions across the US, Canada, UK and Europe.
SOURCE TD Bank Group
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