TORONTO, Aug. 7, 2020 /CNW/ – TD Bank Group (TD) today announced a new data access agreement with Finicity, which allows customers to request that TD transfer their financial data for services they wish to use, including personal financial management applications supported by Finicity. With more traditional banks looking for ways to offer innovative digital products and services to their customers, TD has reached an agreement with fintech company Finicity, which allows the North American bank to use Finicity`s open data platform. New agreement means coordination between TD and fintech on access to customer financial data We have replaced the gift and loyalty card processing provision with a new provision covering our processing of all transmitted transactions, including gift and customer cards, as well as credit or debit cards that are not covered by the agreement (see section 3.6). With our permission, you can submit route transactions via TD, but you must have entered into an agreement with a third party for the acceptance of the corresponding card. In the case of route operations, TD is only responsible for communicating the transaction to your third-party provider. Our fees for transmitted transactions are set out in your fee schedule. Your third party may also charge you a fee for these transactions, which is separate from our fees. The agreement with Finicity is part of TD`s response to customers` need to use data stored with financial institutions for digital services. TD is a founding member of the Financial Data Exchange (FDX), a U.S.-based industry consortium that promotes solutions to better protect customer data, supports an API-based technology protocol, and was recently implemented in Canada with the support of leading banks and FinTech in Canada.
In this Agreement, the terms “you” and “your” refer to any person or authorized representative of such person who has requested or offered product services or accounts in Canada. The words “we”, “us” and “our” mean TD Bank Group (“TD”). TD includes Toronto-Dominion Bank and its global subsidiaries that offer deposits, investments, loans, securities, trusts, insurance and other products or services.