Franklin Garrigues, Vice President, External Ecosystems, appointed to FDX Board as Financial Institution Co-Chair
TORONTO and CHERRY HILL. N.J., March 23, 2023 /CNW/ - TD Bank Group (TD) is deepening its commitment to the North American Open Banking ecosystem by growing its role within the Financial Data Exchange (FDX). Franklin Garrigues, Vice President, External Ecosystems at TD has been elected to the FDX Board as Financial Institution Co-Chair, alongside Steven Smith, Chief Engagement Officer, Mastercard Global Open Banking.
"Our work at TD is based on putting our customers at the center of every experience, and part of that means providing secure, transparent and easy-to-use ways to help them manage their finances online," said Garrigues. "FDX is a key forum that has brought together banks, fintechs and aggregators around a customer-centric dialogue. This appointment is a fantastic opportunity to continue this important work and I look forward to collaborating with the FDX Board as we support the market transition into open banking."
FDX is a non-profit industry standards body operating in North America that sets standards for the secure access of user permissioned financial data. The Co-Chair position is typically held by a leading financial institution and was previously occupied by Paul LaRusso of JPMorgan Chase.
"Franklin was integral in bringing FDX to Canada and we are delighted to welcome him to the board as FI Co-Chair to continue our work to help customers get the most out of their financial data," said FDX Managing Director, Don Cardinal. "Franklin and TD have been strong champions for the financial industry transformation that FDX has been leading since our inception."
A Leader in the Open Banking Market
TD has continually invested in opportunities to help put its customers in the driver's seat when it comes to their financial data. Some examples include:
- In 2020, TD entered into North American data access agreements with Finicity (now Mastercard Open Banking) and Intuit which laid the groundwork for TD to move towards customer-consented data sharing using Application Programming Interface (APIs).
- In 2021, TD Bank, U.S. joined the Akoya Data Access Network to enable U.S.-based customers to share data with fintechs and aggregators. The integration of TD Bank's Open Banking infrastructure with Akoya's Data Access Network (DAN), combined with other Data Aggregation integrations aims to eliminate the need for customers to share their banking information, specifically a login and password, with third parties.
- TD also recently entered into a North American data access agreement with Envestnet/Yodlee that allows TD customers to more reliably and effectively connect and send their financial information to third-party applications - eliminating the need for customers to share their banking login ID or password.
"We know that our customers are choosing to interact with us through digital experiences more than ever before and we are focused on meeting their needs, however they choose to interact with us," said Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. "FDX is a key driver of Open Banking in North America and we are proud of our work with them as we advance financial inclusion for the future of our customers."
Today's announcement is part of TD Tech Day, an annual event showcasing the Bank's unique innovation, technology and modernization story. This year's theme is inclusive innovation and highlights how TD is delivering technology and innovation to help drive inclusion for the benefit of our colleagues, customers and communities.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves over 27 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.9 trillion in assets on January 31, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About Financial Data Exchange
Financial Data Exchange, LLC is a non-profit organization operating in the US and Canada that is dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit financialdataexchange.org.
SOURCE TD Bank Group
