TD Bank U.S. Partners with Akoya to Scale Secure Open Finance API Connectivity

TD Bank U.S. is adopting Akoya’s Open Finance Solution to transition toward API-based data sharing, moving away from traditional credential-based access. For fintech professionals, this represents a significant shift by a major North American institution toward the secure, consumer-permissioned data standards that are increasingly becoming the regulatory and operational baseline for the industry.

What was announced

TD Bank U.S. and Akoya are collaborating to implement the Akoya Open Finance Solution (OFS). This platform allows data aggregators and third-party fintech providers to connect to TD’s customer data through secure Application Programming Interfaces (APIs). The primary goal is to reduce reliance on "screen scraping" or credential-based data access, which requires users to share their bank login details with third parties.

The OFS provides a centralized portal for third-party providers to discover TD’s available APIs, register their applications, and establish secure connections. This phased rollout is scheduled to begin in the fourth quarter of 2026, at which point apps and data aggregators will start migrating onto the platform. The solution is designed to offer a clear and consistent environment for third parties to manage their connections as client needs evolve.

As digital financial tools become increasingly integrated into everyday life, the demand for greater flexibility in accessing financial services has grown. Permission-based data sharing through APIs is becoming the preferred method as consumers turn to fintech applications to manage their financial lives. The arrangement advances TD’s broader strategy to modernize how clients engage with their finances by reinforcing security, privacy, and trust.

The relationship between the two entities is long-standing; TD has been an investor in Akoya since 2020. Further deepening this tie, Jo Jagadish, who serves as Head of U.S. Digital Banking, Payments & Consumer Deposits at TD, joined Akoya’s Board of Directors in 2025. This move is intended to integrate banking and customer perspectives directly into the evolution of Akoya’s open finance framework. By continuing to invest in API-based connectivity, TD aims to create more seamless digital experiences while reinforcing the security and privacy at the core of its client relationships.

"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.

The companies involved

Akoya is a dedicated data access network that facilitates secure sharing of consumer financial data. The company operates as an independent network, though it has received significant backing from major financial institutions. According to proprietary data, Akoya has been a recurring subject of industry coverage, with seven previous reports highlighting its role in the shift toward standardized API connectivity in North America. Paul LaRusso serves as the Chief Executive Officer of the company.

TD Bank U.S. is a major retail and commercial banking operation. Jo Jagadish holds the role of EVP, Head of Digital, Payments and Contact Center at the bank. The institution has focused its digital strategy on modernizing client engagement and reinforcing privacy through technical infrastructure. While the bank operates as a significant player in the U.S. market, its parentage and broader corporate structure link it to the Toronto-Dominion Bank group. The bank’s involvement with Akoya as both an investor and a board member highlights a strategic commitment to the permissioned data model, positioning it alongside other large-scale financial institutions seeking to move the industry away from insecure data-sharing practices. This strategy is part of a broader effort to modernize how clients engage with their finances in an increasingly interconnected digital economy, emphasizing security-forward ways to connect services.

What this means

This announcement signals that the era of screen scraping is rapidly drawing to a close for Tier 1 banks. By setting a hard date for a phased API rollout in late 2026, TD is forcing the hand of aggregators who have historically relied on less secure methods. The move puts pressure on smaller regional banks to follow suit or risk becoming the weak link in the financial data ecosystem. However, the 2026 timeline also highlights the technical complexity of these migrations; the industry is moving toward open finance, but the transition is a multi-year marathon rather than a sprint.