TD Bank Group (TD) and Plaid have announced a groundbreaking North American data-access agreement that will revolutionize how TD customers in Canada and the U.S. securely connect and share financial data with Plaid's extensive data network, comprising over 8,000 apps and services.
This strategic collaboration empowers TD customers to access applications and services seamlessly on Plaid's network through application programming interfaces (APIs). The adoption of APIs is a significant leap forward in enhancing data security and privacy for TD customers, eliminating the necessity to share login credentials with external entities.
Franklin Garrigues, Vice President, External Ecosystems at TD, highlighted the pivotal nature of this data-access agreement, stating, "Our data-access agreement with Plaid is another pivotal step in developing a more secure, reliable, and innovative digital experience for our customers." He emphasized TD's commitment to meeting customers' evolving financial needs and ensuring that accessing services on Plaid's network is effortless, valuable, and secure.
Further, Cecilia Frew, Head of Open Finance at Plaid, expressed pride in collaborating with TD to offer customers safe and reliable access to their financial data. Frew noted the growing trend of consumers benefiting from managing their financial lives online, with 84% acknowledging the positive impact. The TD-Plaid partnership aims to provide millions of customers with secure tools to connect to the diverse array of digital financial applications on Plaid's network, facilitating seamless management of everyday finances.
This agreement is part of TD's broader initiative to develop a secure, transparent, and user-friendly digital experience, allowing customers greater control over sharing their financial data. TD's engagement with the Financial Data Exchange (FDX) since 2018 and its increased role within the organization demonstrate the bank's commitment to advancing solutions that safeguard customer data and promote API-based technology protocols.
TD's previous collaborations, including a data access agreement with Mastercard's Finicity in 2020 and participation in the Akoya Data Access Network in 2021, underscore the bank's proactive stance in fostering customer-authorized data sharing through APIs. The North American data access agreement with Envestnet | Yodlee in 2021 further exemplifies TD's dedication to enabling customers to seamlessly connect their accounts with popular financial management, payments, wealth, and small business applications.
The TD-Plaid partnership marks a significant stride in financial technology, reflecting a commitment to customer-centric innovation and reinforcing TD's position as a leader in providing secure and advanced digital financial solutions.