TD Bank Group and Plaid have forged a North American data-access agreement, enhancing security and privacy for TD customers in Canada and the U.S. This collaboration enables TD customers to securely connect to Plaid's extensive data network of over 8,000 apps and services without sharing login credentials, thanks to application programming interfaces (APIs).
Franklin Garrigues, VP of External Ecosystems at TD, emphasized the pivotal nature of the agreement in developing a more secure and innovative digital experience for customers. He highlighted the increasing customer demand for accessing new services tailored to their financial needs, foreseeing enhanced ease, value, and security.
Cecilia Frew, Head of Open Finance at Plaid, expressed pride in providing TD customers with safe and reliable access to financial data. The partnership aims to offer millions of customers secure tools for managing their finances through Plaid's network.
The agreement is part of TD's broader commitment to creating a secure and user-friendly digital experience. Initiatives include joining the Financial Data Exchange (FDX) in 2018 and expanding its role in 2023. Other steps involve agreements with Mastercard's Finicity, joining the Akoya Data Access Network in 2021, and partnering with Envestnet | Yodlee in the same year. These efforts reflect TD's ongoing commitment to customer-authorized data sharing, security enhancement, and seamless connectivity with fintechs and aggregators.
