TD Bank Group and Envestnet | Yodlee Enter into North American Data Access Agreement

Rhea-AI Summary

TD Bank Group and Envestnet | Yodlee announced a significant data access agreement on Sept. 21, 2021, aimed at enhancing customer experience in the digital banking space. This agreement allows TD customers to securely access and share their financial data with over 1,400 third-party applications through API technology. TD is now the 13th bank in North America to partner with Envestnet | Yodlee, underscoring its commitment to customer digital channels. With CDN$1.7 trillion in assets, TD continues to prioritize secure digital services for its 26 million customers.

Positive

• TD Bank becomes the 13th bank in North America to sign a data access agreement with Envestnet | Yodlee, enhancing market presence.
• Agreement allows secure sharing of financial data through APIs with over 1,400 third-party applications, improving customer connectivity.
• Supports TD's strategy to meet the increasing demand for digital banking services, aligning with customer preferences.

Negative

• None.

TORONTO and SAN MATEO, Calif., Sept. 21, 2021 /PRNewswire/ -- TD Bank Group and Envestnet | Yodlee today announced a data access agreement to address the needs of an increasingly digital customer base. This North American agreement signifies the alignment between TD and Envestnet | Yodlee about protocols to provide for the safe and secure access of TD customer financial data to support the customer's requests to share with the financial wellness apps and experiences of their choice. TD Bank becomes the 13th bank in North America to sign such a data access agreement with Envestnet |Yodlee.

Through this agreement, TD customers will be able to more reliably and effectively connect to and send their financial information to the more than 1,400 third-party applications powered by the Envestnet | Yodlee financial data aggregation platform. At the customer's request, TD will now transfer the customer's financial data to Envestnet | Yodlee through Application Program Interfaces (APIs) eliminating the need for customers to share their banking login ID or password.

"We are excited to announce our first data access agreement for API-based connectivity with a Canadian headquartered financial institution," said Chad A. Wiechers, Senior Vice President of Data Acquisition and Strategy, Envestnet | Yodlee. "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."

"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," says Franklin Garrigues, VP, Digital Channels, TD. "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."

About TD Bank Group 

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on July 31, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About Envestnet

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. Nearly 108,000 advisors and more than 6,000 companies including: 17 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn.

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SOURCE Envestnet | Yodlee

FAQ

What is the significance of the TD and Envestnet | Yodlee data access agreement?

The agreement enhances TD's digital offerings by allowing secure access to financial data for customers, enabling them to connect with numerous third-party applications.

How many banks in North America have partnered with Envestnet | Yodlee?

TD Bank is the 13th bank in North America to enter into a data access agreement with Envestnet | Yodlee.

What technology does TD Bank use to share customer data with Envestnet | Yodlee?

TD Bank utilizes Application Program Interfaces (APIs) to securely transfer customer financial data to Envestnet | Yodlee.

How does this agreement benefit TD Bank customers?

Customers will have a reliable and secure way to share their financial information with various financial wellness apps of their choice.

What is the total asset value of TD Bank Group as of July 31, 2021?

TD Bank Group had CDN$1.7 trillion in assets as of July 31, 2021.