TD forms North American data-access agreement with Intuit

By Pavithra R

TD Bank has announced that the bank has entered into a new data-access agreement with Intuit, a mission-driven, global financial platform company and the maker of QuickBook, TurboTax, and Mint, which lays the groundwork for customers to request that TD transfers their financial data for services they wish to use, including personal financial management apps supported by Intuit.

The agreement signifies a strategic alignment between TD and Intuit about protocols to be followed by Intuit when accessing financial data of TD customers to support the customer’s request to use financial services supported by Intuit. On customer’s request, TD will transfer the customer’s financial data to Intuit through Application Programming Interfaces (APIs) that may eventually eliminate the need for customers to share their banking usernames or passwords to access third-party financial products and services.

Currently, consumers using third-party applications are having to share their banking credentials to be able to access these products and services. An API-based approach can help simplify the process for customers. The agreement with Intuit is part of TD’s response to customers’ need to leverage data stored with financial institutions for digital services. Both TD and Intuit are founding members of the Financial Data Exchange (FDX), a US-based industry consortium that promotes solutions to protect customer data and supports an API-based technology protocol. 

“We expect that customer enthusiasm for digital banking services will continue to grow as customers look for new ways to bank that meet their unique personal financial needs. We want to be there for our customers and we have accelerated our work to leverage a market-developed technology solution to help increase the comfort level of customers looking to access digital services that are outside their bank,” said Rizwan Khalfan, Chief Digital and Payments Officer, TD.

Recently, TD Bank, in partnership with Autobooks, launched TD Online Accounting.

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. The bank is the sixth-largest bank in North America by branches and serves over 26 million customers in several locations in key financial centres around the globe.