TD Bank enters data access agreement with Envestnet Yodlee

Toronto-headquartered TD Bank and California-based Envestnet|Yodlee have signed a North American data access agreement that means the bank’s customers will be able to connect their financial information to the more than 1,400 third-party applications powered by the Envestnet|Yodlee financial data aggregation platform.

Under the agreement, should a customer request it, TD Bank will transfer the individual’s financial data to Envestnet | Yodlee through APIs, removing the need to share their banking login ID or password.

Chad A. Wiechers, senior vice president of data acquisition and strategy at Envestnet | Yodlee, said: “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.”

TD Bank has become the 13^th US bank to sign such a data access agreement with Envestnet|Yodlee.

“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,” Franklin Garrigues, VP, digital channels at TD added.

“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.”

Recent research published by Envestnet | Yodlee found that 66% of US financial services providers have plans in the works to launch Open Banking initiatives over the next 18 months.