TD Bank Group, known for its comprehensive range of banking, investment, and wealth management services, and Plaid, a leader in developing technology platforms for connecting digital financial applications, have announced a significant partnership. This collaboration marks a vital step in advancing financial data sharing technologies.
The partnership’s primary objective is to enhance data security and privacy for TD’s customers in North America. This innovative data-access agreement will empower TD customers to securely share their financial data across Plaid’s extensive network of over 8,000 applications and services, without the need to disclose their login credentials.
TD Bank Group, a prominent financial institution, offers a diverse array of services including personal and commercial banking, wealth management, and insurance. With a strong focus on innovation, TD continually seeks to improve its digital offerings, aiming to provide customers with a safer and more efficient banking experience.
Plaid is at the forefront of the FinTech industry, specializing in creating platforms that facilitate the secure and efficient sharing of financial data. The company’s technology connects various financial applications, enabling seamless transactions and data exchanges between institutions and consumers
This data-access agreement leverages Application Programming Interfaces (APIs), allowing for a more secure data sharing process. It is a step forward in TD’s ongoing efforts to enhance digital experience and customer data protection, aligning with their commitment to innovative and customer-centric solutions.
TD’s dedication to secure data sharing is evidenced by their prior initiatives, including joining the Financial Data Exchange (FDX), partnering with Mastercard’s Finicity, and collaborating with the Akoya Data Access Network and Envestnet | Yodlee. These efforts demonstrate TD’s commitment to advancing secure, transparent, and user-friendly digital financial services.
Franklin Garrigues, Vice-President, External Ecosystems at TD, said, “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 are looking to access new types of services that meet their unique financial needs. This agreement will enable our customers who choose to 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, stated, “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.”
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