TD Bank Group (TD) and Plaid have entered into a North American data-access agreement. The deal will enable TD customers in Canada and the US 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). Using APIs offers TD customers greater data security and privacy, eliminating the need to share login credentials with third parties.
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“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. Customers who choose to access applications and services on Plaid’s network can do so with more ease, value and security.”
Cecilia Frew, Head of Open Finance at Plaid added: “We’re proud to work alongside TD to provide customers with safe and reliable access to their financial data. Today, 84% 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.
TD data share deals highlight commitment to empowering customers
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. One that puts its customers in the driver’s seat of sharing their own financial data.
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By GlobalDataSome examples include joining the Financial Data Exchange (FDX) in 2018. This helps promote solutions that better protect customer data and support an API-based technology protocol. In 2020, TD entered into a data access agreement with Mastercard’s US open banking arm, Finicity. This laid the groundwork to move towards customer-authorised data sharing using APIs.
And then in 2021, TD joined the Akoya Data Access Network. This enables US-based customers to share data with fintechs and aggregators without sharing logins and passwords with third parties. Also in 2021, TD partnered with Envestnet/Yodlee in a data access agreement. This enables 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.
