TD Bank in the US has tapped fintech firm Amount to enhance its digital lending capabilities.
The fintech will power the bank’s TD Fit Loan offering.
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Introduced last year, TD Fit Loan has been designed to consolidate higher-interest debt.
The bank will leverage Amount’s technology that facilitates fraud prevention as well as account verification, among others.
Amount chief strategy officer James Paris said: “Our platform provides TD Bank with a proven technology solution that will help grow its lending business and quickly bring to market compelling offerings that redefine the customer experience and better meet their online lending needs.”
Chosen customers of the bank will be allowed to make loan applications online or using mobile device.
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By GlobalDataThe maximum loan amount has been set at $35,000.
For those having their loans sanctioned, funds are expected as early as the next day.
TD Bank head of personal lending Mark Victoria said: “When we looked to expand our personal lending products with a digital offering, we prioritised finding a platform that could provide a simple, straightforward customer experience, which we found in Amount.
“Our initial rollout of TD Fit marked the first in a series of collaborative initiatives with Amount that will provide a great experience for our customers, while bringing TD to the forefront of digital lending.”
