TD Bank Group (TD) has forged a North American data-access agreement with financial platform company Intuit.
As per the agreement, customers can request TD to transfer their financial data to Intuit in exchange for the services they need.
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This includes the personal financial management apps supported by Intuit.
The North American deal requires Intuit to follow set protocols when accessing TD Bank customers’ financial data.
TD Bank will use API technology to transfer its customer data. This removes the need for customers to share their login IDs and passwords.
Intuit VP of financial institutions Rajneesh Gupta said: “We are happy to work with TD who shares that common interest with us, and we support their efforts to implement an API-based technology infrastructure to help give their customers more control over their financial data.”
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By GlobalDataTD Bank’s agreement with Intuit is in response to its customers’ need to leverage stored data for digital financial services, without compromising on data protection.
Both TD and Intuit are the founding partners of the US-based industry consortium Financial Data Exchange (FDX).
Recently launched in Canada, FDX also uses API technology to better protect customer data.
TD Bank chief digital and payments officer Rizwan Khalfan said: “We expect that customer enthusiasm for digital banking services will continue to grow as customers look for new ways to bank that meet their unique personal financial needs.
“We want to be there for our customers and we have accelerated our work to leverage a market-developed technology solution to help increase the comfort level of customers looking to access digital services that are outside their bank.”
Last month, TD Bank entered into customer financial data-access partnership with Finicity.
