TD Bank enters North American data access agreement with Plaid

Canada-based TD Bank and data network Plaid have entered into a North American data access agreement to provide the bank’s customers with greater data security and privacy.

The new agreement means that TD’s customers in Canada and the US will be able to connect to and share their financial data with Plaid’s data network of more than 8,000 apps and services.

It will remove the need for customers of TD to share their login credentials with third parties.

TD Bank’s Franklin Garrigues

Franklin Garrigues, vice president, external ecosystems at TD, called the data access agreement with Plaid a “pivotal step” in developing a more secure, reliable and innovative digital experience for customers.

He said: “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.”

According to Cecilia Frew, head of Open Finance at Plaid, 84% of consumers believe they are “better off” as a result of being able to manage their financial lives online.

“We’re proud to work alongside TD to provide customers with safe and reliable access to their financial data,” she added.

“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.”

In March, Garrigues was elected to the board of Financial Data Exchange (FDX) as financial institution co-chair.

TD joined FDX in 2018 to help promote solutions that protect customer data and support an API-based technology protocol.

At Open Banking Expo Canada in June this year, Ted Spencer, full stack architect, Open Banking APIs at TD Bank took part in a panel debate about whether Canada can agree on an approach to API standards.