TD Bank Joins Akoya Data Access Network to Promote Adoption of Open Finance

Akoya LLC has revealed that TD Bank, U.S. has joined the Akoya Data Access Network.

TD Bank will reportedly build on its initial investment in Akoya to support Fintech firms, data aggregators, and other data recipients to request API-based access to TD Bank’s U.S. customer data through Akoya.

Rizwan Khalfan, Chief Digital and Payments Officer, TD, stated:

“TD has always had a strong commitment to digital innovation, and that means continuing to invest in new ways for our customers to manage their finances online. Our relationship with Akoya leverages the use of APIs to give our customers an enhanced experience as well as more privacy and security when sharing their data.”

TD Bank‘s integration with Akoya aims to eliminate the requirement for TD Bank clients to share their banking details (like their login and password), with third parties that may be connected to Akoya.

This arrangement allows Akoya to offer a single point of integration for data aggregators and Fintech companies to “securely access consumer financial data from TD Bank.”

Stuart Rubinstein, CEO of Akoya, remarked:

“Our goal is to make financial data access easy and secure so that consumers feel confident using Fintech apps. APIs provide a safer, secure way for customers to share data and will play a key role in helping to facilitate innovation through the creation of data-driven apps and financial services -– a win-win for Open Finance.”

Data passed via the Akoya Data Access Network isn’t copied or stored and is offered in a standard output based on the Financial Data Exchange’s API standard. TD Bank will begin offering data via Akoya by October 2021.

Akoya was introduced to “eliminate the risks associated with credential-based data aggregation, commonly known as screen scraping,” the announcement noted. TD Bank invested in Akoya in February of last year.

As mentioned in a release, Akoya is “changing the way consumer financial data is accessed and shared.”

Through a single integration on to the Akoya Data Access Network, data aggregators and fintechs can “directly connect with financial institutions to securely obtain consumer-permissioned financial data through APIs.”

Akoya manages these relationships and “serves as an interoperable solution that is available to the entire financial services industry.” The independent company is “co-owned by 12 North American financial institutions.”

TD Bank is one of the 10 largest banking institutions in the US, offering over 9.6 million clients with a complete range of retail, small business and commercial banking products and services at over 1,100 convenient locations “throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida.”

TD Bank and its subsidiaries provide “customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance.”

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