TD Bank, Plaid partner to ease access to apps

With a new North American data-access agreement, these customers will be able to access and share financial information with the more than 8,000 apps and services on Plaid’s network through APIs, the firms said in a Thursday press release

TD Bank Group and Plaid have partnered to remove the need for TD customers in Canada and the US to share login credentials with third-party applications.

We know our customers are looking to access new types of services that meet their unique financial needs, Franklin Garrigues, VP of external ecosystems at TD, said in the release. This agreement will enable our customers who opt to access the applications and services on Plaid’s network to do so with more ease, value and security.

This data-access agreement with Plaid is the latest of several steps TD has taken to develop a digital experience that is secure, transparent and easy to use, and helps customers share their own financial data, as per the release.

The bank also joined the Financial Data Exchange in 2018, entered into a data-access agreement with Finicity in 2020, joined the Akoya Data Access Network in 2021 and entered a data-access agreement with Envestnet/Yodleein 2021, according to the release.

Today 84 per cent of consumers say they are better off as a result of being able to manage their financial lives online, Cecilia Frew, head of open finance at Plaid, said in the release. 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 easily manage their daily finances.

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