TD Bank Group (TD) and Plaid have inked a North American data-access agreement aimed at enhancing financial data connectivity for TD customers in Canada and the US.
This partnership empowers TD customers to securely link and share their financial data with Plaid’s data network, comprising over 8,000 apps and services.
TD customers have the capability to access a wide array of applications and services within Plaid’s network through application programming interfaces (APIs). The adoption of APIs promises to deliver heightened data security and privacy for TD customers, eliminating the need to share sensitive login credentials with third-party providers.
Franklin Garrigues, VP, external Ecosystems at TD Bank, outlined the significance of this data-access agreement, stating: “Our data-access agreement with Plaid is another pivotal step in developing a more secure, reliable and innovative digital experience for our customers.
“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.”
While Cecilia Frew, head of open finance at Plaid, echoed the commitment to secure data access, saying: “We’re proud to work alongside TD to provide customers with safe and reliable access to their financial data.
“Today 84 per cent 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.”
This data-access agreement with Plaid is part of TD’s ongoing efforts to provide a secure, transparent as well as user-friendly digital experience, enabling customers to have greater control over sharing their financial data.
Notable initiatives include:
- Joining the Financial Data Exchange (FDX) in 2018 to promote solutions that enhance customer data protection and support API-based technology protocols. In 2023, TD expanded its role in FDX with the election of Franklin Garrigues as its Fi co-chair.
- Entering into a data access agreement with Mastercard’s US open banking arm, Finicity, in 2020, setting the foundation for customer-authorised data sharing using APIs.
- Joining the Akoya Data Access Network in 2021, enabling US-based customers to securely share data with fintechs and aggregators without the need to divulge login credentials to third parties.
- Forging a North American data access agreement with Envestnet | Yodlee in 2021, enabling customers to connect their TD accounts to popular financial management, payments, wealth as well as small business applications.
