TD Bank Group and Plaid announced that they have entered into a North American data-access agreement that will enable TD customers in Canada and the U.S. to more securely connect to and “share financial data with Plaid’s data network of over 8,000 + apps and services.”
TD customers will be able to “access applications and services on Plaid’s network through application programming interfaces (APIs).”
The use of APIs will offer TD customers greater data security and privacy “by eliminating the need to share login credentials with third parties.”
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, said:
“We’re proud to work alongside TD to provide customers with safe and reliable access to their financial data. Today 84%1 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.”
The data-access agreement with Plaid is “the latest in a series of steps TD has taken to demonstrate its commitment to developing a more secure, transparent and easy-to-use digital experience that puts its customers in the driver’s seat of sharing their own financial data. Some examples include:”
Joining the Financial Data Exchange (FDX) in 2018 to “help promote solutions that better protect customer data and support an API-based technology protocol.”
In 2023, TD grew its role in the organization “when Garrigues was elected to its board as Financial Institution Co-Chair.”