TD Bank Group and Plaid Forge a New Data-Secure Partnership
In a significant stride towards bolstering customer data security and convenience, TD Bank Group (TD) has joined with Plaid to forge a North American data-access agreement. This landmark partnership promises to revolutionise the financial data landscape for TD customers in Canada and the United States.
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TD customers can securely connect with Plaid’s expansive data network, encompassing over 8,000 apps and services through this groundbreaking agreement. What sets this collaboration apart is the utilisation of application programming interfaces (APIs), ensuring heightened data security and privacy for TD’s valued clientele. The need to share sensitive login credentials with third-party providers will be eliminated, offering customers a seamless and secure experience.
TD’s Commitment to Customer-Centric Innovation
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Franklin Garrigues, Vice-President of External Ecosystems at TD, expressed its commitment to providing its customers with a secure, reliable, and innovative digital experience. He remarked, “Our data-access agreement with Plaid is another pivotal step in developing a more secure, reliable and innovative digital experience for our customers. We know our customers want new services that meet their unique financial needs. This agreement will enable our customers who access the applications and services on Plaid’s network to do so with more ease, value and security.”
Cecilia Frew, Head of Open Finance at Plaid, echoed these sentiments: “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 because they can 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’s Ongoing Commitment to Data Security
The data-access agreement with Plaid is just the latest in a series of initiatives that underscore TD’s unwavering commitment to delivering a secure, transparent, and user-friendly digital experience. Some noteworthy initiatives include:
Financial Data Exchange (FDX) Membership:TD joined FDX in 2018, advocating for solutions that enhance customer data protection and support API-based technology protocols. In 2023, TD expanded its role in FDX with the election of Franklin Garrigues as its Financial Institution Co-Chair.
Collaboration with Mastercard’s Finicity: In 2020, TD entered into a data access agreement with Mastercard’s U.S. open banking arm, Finicity, setting the stage for customer-authorised data sharing using APIs.
Akoya Data Access Network:TD became part of the Akoya Data Access Network in 2021, empowering its U.S.-based customers to securely share data with fintechs and aggregators without divulging third-party login credentials.
Strategic Alliance with Envestnet | Yodlee: In 2021, TD entered into a North American data access agreement with Envestnet | Yodlee, enabling customers to seamlessly connect their TD accounts to popular financial management, payments, wealth, and small business applications powered by the Envestnet | Yodlee financial data aggregation platform.
TD Bank Group and Plaid: Empowering Secure Financial Futures
In this era of digital finance, where financial data management is paramount, TD Bank Group’s partnership with Plaid is a testament to its commitment to delivering the best possible experiences to its customers. Through secure data access and cutting-edge technology, TD ensures that its customers have greater control over sharing their financial data while enjoying a seamless and secure digital experience.
As TD continues innovating and prioritising customer data security, it is a beacon of trust and reliability in the ever-evolving digital banking landscape.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries collectively form TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in multiple financial centres worldwide.
About Plaid
Plaid is a global data network that powers the tools millions of people rely on for a healthier financial life. With a mission to facilitate a more inclusive, competitive, and mutually beneficial financial system, Plaid collaborates with over 8,000 companies, including fintech giants like Venmo and SoFi.
