Bank will build on its investment in Akoya to enable a safer and more secure means of access for U.S.-based TD Bank customers who want to share their financial data with fintech apps
Akoya LLC announced that TD Bank, U.S. has joined the Akoya Data Access Network. The Bank will build on its original investment in Akoya to enable fintechs, data aggregators, and other data recipients to request application programming interface (API)-based access to TD Bank’s U.S. customer data through Akoya.
“TD has always had a strong commitment to digital innovation, and that means continuing to invest in new ways for our customers to manage their finances online,” says Rizwan Khalfan, Chief Digital and Payments Officer, TD. “Our relationship with Akoya leverages the use of APIs to give our customers an enhanced experience as well as more privacy and security when sharing their data.”
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TD Bank’s integration with Akoya eliminates the need for TD Bank customers to share their banking information, specifically a login and password, with third parties who are connected to Akoya. This arrangement enables Akoya to provide a single point of integration for data aggregators and fintechs to securely access consumer financial data from TD Bank.
“Our goal is to make financial data access easy and secure so that consumers feel confident using fintech apps,” said Stuart Rubinstein, CEO of Akoya. “APIs provide a safer, secure way for customers to share data and will play a key role in helping to facilitate innovation through the creation of data-driven apps and financial services -– a win-win for Open Finance.”
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Data passed through the Akoya Data Access Network is not copied or stored and is provided in a standard output based on the Financial Data Exchange’s API standard. TD Bank will begin providing data through Akoya as early as October 2021.
Akoya was launched to eliminate the risks associated with credential-based data aggregation, commonly known as screen scraping. TD Bank invested in Akoya in February 2020.
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