Canada’s TD Bank Group (TD) has entered into a North American data-access agreement with financial technology company Finicity.
According to the deal terms, customers can request TD to transfer their financial data for services they want to use.
This includes the personal financial management apps supported by Finicity.
TD can transfer its customers’ data as per their request using API technology, which removes the need for customers to share their login IDs and passwords.
The agreement also entails protocols needed to be followed by Finicity while accessing the financial data of TD Bank customers.
Finicity CEO Steve Smith said: “We are committed to delivering superior data access, quality and security through the Finicity open banking platform, transforming the way consumers interact with and benefit from their own financial data.
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By GlobalData“Together with TD, we are helping consumers to become more empowered with their financial data and utilize it in ways to help improve their financial lives.”
TD Bank’s agreement with Finicity is in response to its customers’ need to leverage stored data for digital financial services, without compromising on data protection.
TD is a founding member of the US-based industry consortium Financial Data Exchange (FDX).
Recently launched in Canada, FDX also uses API technology to better protect customer data.
The lender also invested in US-based API network Akoya that offers a more secure way of sharing financial data.
TD chief digital and payments officer Rizwan Khalfan said: “The significant surge we have seen in the adoption of our own digital products and services has 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.”