TD Bank Group has entered into a data access agreement with Envestnet | Yodlee to address the needs of its digital clients.
The agreement will allow the bank’s customers to connect to and share financial information with third-party applications powered by Envestnet | Yodlee financial data aggregation platform.
TD Bank will be able to share financial data on customers’ requests through an application programming interface (API), removing the need to provide sensitive information such as login ID and password.
TD Bank digital channels VP Franklin Garrigues said: “We know that our customers are interacting with us through digital channels more than ever before and we are focused on helping meet their needs however they choose to bank.
“This agreement supports our goal of offering our customers a secure and confident experience when they are accessing digital services that are outside their bank.”
Envestnet | Yodlee senior vice president data acquisition and strategy Chad Wiechers said: “We are excited to announce our first data access agreement for API-based connectivity with a Canadian headquartered financial institution.
“Our relationship with TD is vital for empowering customers to make intelligent financial decisions, while also benefitting from greater connectivity and security across their accounts.”
Last week, TD Bank’s American subsidiary joined the Akoya data access network that also allows API-based data sharing.
The Akoya data access network acts as a single point of integration, connecting data aggregators and fintechs with financial institutions.
Notably, the lender invested in the Akoya data access network in early 2020.