Canada’s largest bank by assets has acquired Layer 6, an artificial intelligence (AI) start-up company based in Toronto.

TD aims to boost its artificial intelligence expertise by working alongside Layer 6. Terms of the deal were not disclosed. The acquisition will support TD in its ability to launch services such as product recommendations for retail banking customers.

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Bharat Masrani, group president and CEO at TD Bank Group, stated: “Anticipating and meeting customer needs are at the heart of our promise, and we are excited to further accelerate our innovation agenda to deliver well into the future.

“As we deploy new solutions, we will extend our deep relationship with customers across all of our platforms and offer personalised, connected and legendary experiences for our customers in the digital age.”

Michael Rhodes, group head of innovation, technology and shared services at TD Bank Group, added: “Layer 6 adds new capabilities to TD’s growing base of innovation talent and know-how.  Artificial Intelligence has the potential to power a new generation of data-driven applications from personalised and real-time advice to predictive analytics that will shape the future of banking for millions of individuals.”

TD has collaborated with Vector Institute for AI technologies and recently announced an agreement made with AI provider, Kasisto to integrate the company’s KAI Banking platform into TDs’ mobile app.

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Jordan Jacobs, Co-CEO & Co-Founder of Layer 6: “TD is committed to leading the market with new innovation and superior customer experiences. Layer 6 was founded to help organisations harness the power of artificial intelligence, and we are excited to join TD and help them build for the future.”

Layer 6, which launched in 2016, uses AI in its platform to handle and analyse large amounts of data in order to provide real-time prediction tools that will anticipate a customer’s individual needs.

TD said in a statement that the acquisition of Layer 6 is not expected to have a meaningful impact on TD’s Common Equity Tier 1 Capital ratio.