TD Bank US partners Akoya for open banking

TD Bank is overhauling how it shares customer financial data by partnering with the Akoya data access network. This move marks a shift away from 'screen scraping'—a practice where third-party apps use customer login credentials to pull data—toward a secure, API-based system. For retailers and operators, this is a significant step in the open banking movement. It means that when your customers apply for financing or link their bank accounts for BNPL payments, the process will become faster and more reliable. The partnership ensures that financial data flows through a dedicated, encrypted pipeline. This reduces the risk of sensitive customer information being compromised during the credit application process. For your business, this translates to higher conversion rates at the point of sale. Secure, API-driven data sharing leads to fewer technical errors when customers try to verify their income or account status. As TD Bank scales this technology, merchants can expect a smoother 'instant approval' experience for customers who use TD-backed financing products. This is part of a broader industry trend where banks are giving consumers more control over who sees their data and for how long.

Source: Finextra — Lending

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