In a major push toward the future of open finance, Mount Laurel-headquartered TD Bank U.S. has announced a strategic collaboration with data network firm Akoya. The initiative is designed to transform how the bank’s millions of clients connect, manage, and share their financial data with third-party apps and fintech services.
The partnership leverages Akoya’s Open Finance Solution (OFS) to replace traditional, credential-based data access—such as risky screen scraping—with secure, API-driven (Application Programming Interface) connectivity.
As digital financial management becomes mainstream, consumers increasingly utilize budgeting tools, investment apps, and payment platforms. However, balancing convenience with privacy has remained a primary challenge for both banks and account holders.
The new framework aims to resolve this by putting data governance directly into the hands of the user.
“Clients expect us to provide solutions designed to protect their data, while giving them the flexibility to use the digital tools and services that best meet their needs,” Jo Jagadish, head of U.S. Digital Banking, Payments & Consumer Deposits at TD, said. “Our relationship with Akoya helps us deliver both, offering clients a choice in how they connect their financial data while building the foundation for the innovative financial experiences of tomorrow.”
Under the new system, data aggregators and third-party apps will route through standardized, secure APIs. This architecture ensures that clients can choose which apps access their information, view active connections, and revoke permissions at any time without exposing sensitive bank login credentials.
“Consumers should be able to share their financial information with the apps they choose, see who has access and turn it off anytime,” Paul LaRusso, CEO of Akoya said. “Our engagement with TD puts that control in its clients’ hands so they can confidently use the tools that help them make better financial decisions.”
TD’s collaboration with Akoya builds upon a long-standing relationship. TD has been an investor in Akoya since 2020, and Jagadish joined Akoya’s Board of Directors in 2025, providing direct banking and customer insights to guide the expansion of secure open finance standards.
The OFS platform will provide third-party providers with a clear, centralized portal to review available TD APIs, register applications, and establish authorized connections. TD and Akoya plan to roll out the new onboarding infrastructure in phases, beginning in the fourth quarter of 2026.
