TD Bank Taps Akoya to Power Secure Open Banking API Access

TD Bank is moving away from risky data-sharing practices like screen scraping. By partnering with the Akoya data network, TD Bank will now use secure APIs to share customer financial data with third-party apps. For retailers and service providers, this is a significant step toward a more reliable consumer financing ecosystem. When a customer applies for a loan or connects their bank account to a Buy Now, Pay Later (BNPL) service at your point of sale, this technology ensures the connection is stable and secure. The shift to 'Open Banking' means fewer failed credit applications caused by connectivity issues. Previously, many financing apps relied on fragile methods that broke whenever a bank updated its website. This partnership ensures that when your customers give permission to share their data for a credit decision, the process is instant and protected. It also gives customers more control over what data they share, which builds trust during the checkout process. As major lenders like TD Bank adopt these standards, expect the speed and approval accuracy of your financing tools to improve across the board.

Source: PYMNTS

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