TD Bank US partners with Akoya to advance open banking

What happened

TD Bank U.S. has partnered with Akoya to advance open banking, with the stated goal of making financial data sharing more secure, more transparent and more consumer-controlled at scale. Finextra reported the announcement.

The emphasis is on how customer financial data moves between institutions and third parties, rather than on a single consumer-facing product. The available reporting does not set out the technical scope, the rollout timeline or which customer segments will be affected first, so those details should be confirmed directly with the companies.

Why it matters

Open banking is as much an experience problem as a data problem. When customers share account information with a third-party app or service, the quality of that moment depends on whether they understand what is being shared, why, and for how long. A partnership framed around consumer control signals that the industry is treating consent and transparency as core design requirements rather than compliance afterthoughts.

For banks, the underlying shift is operational. Secure, scalable data sharing requires modernised data infrastructure, clear permissioning and reliable connections to external providers. Institutions that treat these as digital transformation priorities, not back-office upgrades, are more likely to deliver consistent experiences across channels.

The Renascence take

Most readers will file this under banking plumbing. The real customer experience sits in the consent screen, the revocation option and the moment a customer realises a connection is still live. Those are the points where trust is won or quietly lost.

Consent that is technically compliant but cognitively opaque is a design failure, not a legal success. People share more confidently when they can see exactly what is connected, what it is used for and how to withdraw in a single step. Operators should audit their consent and revocation journeys now, and test whether a typical customer could explain, in plain language, which services hold their data today. If they cannot, the partnership's promise of control will not reach the people it is meant to serve.