US-based TD Bank has joined the Akoya data access network to allow customers to share financial data with fintech apps and promote open finance.
The partnership builds on the lender’s original investment in Akoya to enable fintechs, data aggregators, and other institutions to request application programming interface (API)-based access to customer data.
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The integration allows customers to share financial information with third parties connected to Akoya, without disclosing their banking information such as login ID and password.
Akoya data access network acts as a single point of integration that connects data aggregators and fintechs with financial institutions.
TD Bank stated that the data passed through the network is provided in a standard output based on the Financial Data Exchange’s API standard.
The lender invested in the API network in February 2020 and plans to begin providing data through it as early as October 2021.
TD Bank chief digital and payments officer Rizwan Khalfan said: “TD has always had a strong commitment to digital innovation, and that means continuing to invest in new ways for our customers to manage their finances online.
“Our relationship with Akoya leverages the use of APIs to give our customers an enhanced experience as well as more privacy and security when sharing their data.”
Akoya CEO Stuart Rubinstein said: “Our goal is to make financial data access easy and secure so that consumers feel confident using fintech apps.
“APIs provide a safer, secure way for customers to share data and will play a key role in helping to facilitate innovation through the creation of data-driven apps and financial services -– a win-win for Open Finance.”
