TD Bank U.S. and Akoya are collaborating to improve financial data sharing through a more secure and consumer-controlled approach. The partnership aims to leverage Akoya's Open Finance Solution (OFS) to allow multiple data aggregators and third-party providers to connect to TD via secure APIs, thereby reducing the need for consumers to share their bank login credentials.
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The initiative enables TD clients to select which applications can access their financial information, allowing them to monitor and revoke access at their discretion. This collaborative approach supports a more secure and manageable connection for clients using financial tools that best suit their needs.
As digital financial services become integral to daily life, consumers are demanding greater flexibility and control over their financial data. Jo Jagadish, TD's Head of U.S. Digital Banking, Payments & Consumer Deposits, stated that clients expect solutions that protect their data while enabling the use of preferred digital tools. This partnership with Akoya aims to satisfy these expectations by providing clients with choices regarding their financial data connections.
The collaboration is part of TD's broader strategy to modernize client interactions with their finances. Emphasizing API-based connectivity, TD seeks to enhance digital experiences while reinforcing security and trust in its client relationships. Paul LaRusso, CEO of Akoya, remarked that consumers should have the ability to manage who accesses their financial information, and this partnership empowers them to do so effectively.
The OFS will provide third-party providers with a straightforward method for integrating with TD's APIs, facilitating easier application registration and secure connection establishment. Both companies plan to gradually introduce apps and data aggregators to the platform, starting in the fourth quarter of 2026.
TD has been an investor in Akoya since 2020, and Jagadish joined Akoya's Board of Directors in 2025, contributing TD's banking insights to the ongoing development of open finance. As consumer demand for interconnected financial experiences increases, permission-based data sharing through APIs is becoming essential in enhancing client engagement.
About Akoya: Akoya is a data network that connects over 4,000 banks with financial applications, providing secure, permission-based APIs to ensure consumers do not have to share their bank login credentials. Akoya's infrastructure supports institutions in connecting with fintechs while maintaining transparency and control for consumers.
About TD Bank U.S.: As the U.S. division of The Toronto-Dominion Bank, TD Bank U.S. serves over 10 million clients with a wide range of banking products, including retail, small business, and commercial banking services, along with wealth management and financing solutions.