TD Bank and Akoya Partner to Advance Secure, API-Based Financial Data Sharing
TD Bank U.S. and Akoya are collaborating to modernize how consumers connect their financial accounts with digital applications and third-party financial service providers. The initiative aims to establish a more secure, transparent, and consumer-controlled approach to financial data sharing, allowing customers to access digital financial tools while maintaining greater control over their personal information.
Through Akoya’s Open Finance Solution (OFS), more data aggregators and third-party providers will be able to connect to TD through secure application programming interfaces (APIs). The approach is designed to reduce reliance on credential-based access methods, in which consumers may need to provide their banking login credentials to external services to retrieve financial information.
The partnership reflects the growing importance of open finance as consumers increasingly use fintech applications, budgeting platforms, payment services, and other digital tools to manage their financial lives. By developing more standardized connections between banks and third-party providers, TD and Akoya aim to improve connectivity while reinforcing data security, privacy, and transparency.
The companies plan to introduce applications and data aggregators to the platform in phases, beginning in the fourth quarter of 2026.
TD Advances Its Digital Banking Modernization Strategy
TD’s collaboration with Akoya represents another step in its broader strategy to modernize digital banking and provide customers with more flexible ways to interact with financial services.
Consumers increasingly expect to connect their bank accounts with the applications they use to monitor spending, track balances, manage budgets, make payments, and evaluate their financial positions. These services can help individuals make informed financial decisions, but they also require reliable and secure access to financial information.
Traditional data-sharing methods can create challenges when third-party applications depend on customers sharing their banking credentials. Credential-based access may increase security concerns and make it more difficult for consumers to understand how their information is accessed and used.
Through API-based connectivity, participating providers can establish structured connections with financial institutions. These interfaces allow systems to exchange authorized information through defined technical processes rather than relying primarily on the sharing of account login details.
TD’s adoption of Akoya’s Open Finance Solution is intended to make these connections easier to establish and manage. It also supports the bank’s objective of offering digital experiences that combine convenience with security and customer choice.
Jo Jagadish, Head of U.S. Digital Banking, Payments and Consumer Deposits at TD, said customers expect financial solutions that protect their information while allowing them to choose the digital services that best meet their needs.
Jagadish explained that the relationship with Akoya supports both objectives by giving customers greater choice in how their financial data is connected and establishing a foundation for future digital financial experiences.
The initiative demonstrates how financial institutions are adapting their technology infrastructure to meet changing consumer expectations while maintaining the trust that underpins banking relationships.
Akoya’s Open Finance Solution Provides a Standardized Connection Point
A central component of the partnership is Akoya’s Open Finance Solution, which is designed to simplify the process through which third-party providers establish secure connections with participating financial institutions.
Under the arrangement, the platform will offer providers a clear and consistent place to learn about available TD APIs, register applications, and complete the steps necessary to establish connections.
This approach is intended to reduce friction for fintech companies and data aggregators seeking authorized access to customer financial information. Instead of navigating separate connection processes without a consistent starting point, providers will have a structured pathway for discovering and connecting to TD’s supported APIs.
Standardized access can also help financial institutions manage third-party connectivity more consistently. As the number of digital financial services grows, banks need systems that can accommodate different providers while maintaining appropriate controls over data access.
For fintech developers, clearer registration procedures and API information can make it easier to understand the technical requirements for connecting applications to banking systems. This may support the development and maintenance of digital tools that rely on customers’ financial information.
Akoya’s solution is also designed to evolve as customer requirements change. The platform is expected to introduce additional capabilities over time, helping the connection framework adapt to new applications and emerging financial service needs.
The initiative therefore addresses both the immediate challenge of establishing secure data connections and the longer-term requirement for a scalable open finance infrastructure.
Moving Away From Credential-Based Data Access
Reducing reliance on credential-based data access is one of the key objectives of the collaboration.
When consumers connect a bank account to an external application, the method used to obtain financial information can affect both security and the overall user experience. Credential-based approaches may require users to provide banking usernames and passwords to third-party services or intermediaries, depending on the service and access method involved.
This can create concerns about how credentials are stored, how frequently access must be renewed, and how consumers can understand or manage connections between different services.
API-based data sharing offers an alternative by enabling approved systems to exchange information through defined interfaces. Depending on the implementation, these connections can allow institutions to control which information is made available and support more structured authorization and access-management processes.
Through the Akoya platform, TD aims to make secure API connectivity available to a broader range of data aggregators and third-party providers.
The transition is significant for the financial technology industry because consumers increasingly expect to use multiple financial applications without compromising the security of their banking relationships.
However, API connectivity does not eliminate every security or privacy risk. Effective protection also depends on authorization practices, technical safeguards, provider oversight, and how third parties store and use information after receiving it.
The partnership’s emphasis on secure connectivity and consumer control reflects the importance of addressing these considerations as open finance services expand.
Greater Transparency and Control for Consumers
Consumer control is another major focus of the initiative. As financial applications become more interconnected, customers want to understand which services can access their information and how those permissions can be managed.
Paul LaRusso, Chief Executive Officer of Akoya, emphasized that consumers should be able to share financial information with the applications they choose, see who has access to their data, and discontinue access when they no longer want to use a service.
LaRusso said the engagement with TD is intended to put that control in customers’ hands, allowing them to use digital tools that support better financial decisions with greater confidence.
The underlying principle of open finance is that consumers should be able to authorize the use of their financial information for services that provide value to them, rather than being restricted to the digital tools offered directly by their primary financial institution.
For example, consumers may want to connect accounts to budgeting applications, personal finance dashboards, payment services, or other platforms that help them understand their finances. Secure and transparent connections can make it easier to use these services while maintaining visibility into data-sharing arrangements.
The ability to review and manage access is particularly important when consumers stop using an application, change providers, or decide that a service no longer meets their needs.
The specific permissions and controls available will depend on the platform’s implementation and the participating applications. Nevertheless, the partnership establishes consumer choice and transparent data sharing as central objectives.
Supporting Fintech Innovation and Digital Financial Services
The collaboration also has implications for fintech companies and data aggregators that depend on access to authorized banking information.
Fintech providers use financial data to support a range of services, including account aggregation, expense tracking, financial planning, payment management, and other digital experiences. Access to reliable information can help these companies deliver more useful services to consumers.
However, establishing and maintaining connections with financial institutions can involve technical and operational challenges. Different connection methods, registration processes, and access requirements can increase the work involved in supporting multiple banking relationships.
Akoya’s Open Finance Solution is intended to provide a more consistent process for providers connecting to TD. By offering information about available APIs and a defined registration pathway, the platform aims to make the process easier to navigate.
A more standardized connectivity model can potentially help developers focus more resources on improving their applications rather than maintaining complex data-access arrangements.
For banks, the approach offers a framework for supporting third-party innovation while retaining a more structured way to manage data access.
The partnership reflects the increasingly collaborative nature of financial services, where banks, technology providers, and fintech companies work together to provide connected experiences.
As consumers adopt more digital financial tools, the ability to support secure interoperability may become an increasingly important factor in how financial institutions compete and develop their technology strategies.
TD’s Longstanding Relationship With Akoya
The partnership builds on an existing relationship between the two organizations. TD has been an investor in Akoya since 2020, demonstrating a longstanding connection between the bank and the financial data connectivity company.
The relationship also extends to governance. Jagadish joined Akoya’s Board of Directors in 2025, bringing perspectives from TD’s banking and customer experience operations to discussions about the evolution of open finance.
This history provides context for the latest announcement. Rather than representing an entirely new relationship, the initiative builds on an existing connection between a financial institution and a company focused on secure financial data sharing.
The combination of investment, board-level participation, and the deployment of Akoya’s solution highlights the strategic importance both organizations place on modernizing financial connectivity.
For TD, the relationship offers a pathway to expand API-based connections with third-party providers. For Akoya, the collaboration supports the broader use of its open finance infrastructure by a major banking institution.
The partnership also reflects the importance of cooperation between banks and technology providers as the industry develops new approaches to data access, authorization, and digital service delivery.
Phased Rollout Planned for Late 2026
TD and Akoya plan to bring applications and data aggregators onto the platform in phases, with the initial rollout beginning in the fourth quarter of 2026.
A phased approach allows participating organizations to introduce connections progressively rather than attempting to onboard every provider at once. It also provides a framework for expanding platform participation as technical requirements and customer needs evolve.
The companies have indicated that the solution will continue to add capabilities over time. The specific pace and scope of future additions will depend on the platform’s development and the requirements of participating providers.
As the rollout progresses, the initiative is intended to make it simpler for third-party services to establish and manage connections to TD through secure APIs.
For consumers, the anticipated benefits include more structured data-sharing arrangements and greater flexibility in choosing financial applications. For third-party providers, the platform aims to create a clearer route to connecting with the bank.
The announcement does not establish that all applications or data aggregators will be available at launch. Instead, the phased introduction indicates that access will expand progressively.
Implications for the Future of Open Finance
The TD and Akoya collaboration reflects a broader shift toward financial services that allow consumers to use authorized data across multiple digital platforms.
Open finance extends the concept of connected financial information beyond traditional banking interactions. It supports an environment in which consumers can choose applications that meet their needs while financial institutions and technology providers work to establish secure methods of exchanging information.
The development of API-based connectivity is an important part of that transition. Standardized interfaces can support more consistent technical connections, while appropriate authorization controls can help customers understand and manage how their data is shared.
For financial institutions, modernizing connectivity can help address consumer demand for digital flexibility without abandoning the security and privacy expectations associated with banking.
For fintech companies, a more structured access framework can support the development of applications that rely on current and authorized financial information.
For consumers, the intended outcome is a more connected financial experience in which useful applications can work together with greater transparency and control.
The success of these initiatives will depend on implementation quality, provider participation, data protection practices, and the practical experience delivered to customers.
By combining TD’s banking infrastructure with Akoya’s open finance capabilities, the organizations are taking steps toward a more standardized approach to financial data sharing. The planned rollout beginning in the fourth quarter of 2026 will mark the next stage in their efforts to modernize connectivity and support the evolving needs of digital banking customers.
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