[Canada] TD becomes first bank to offer fully integrated in-app direct deposit switching experience

In Canada, TD Bank Group has announced the launch of a new mobile-first experience that helps clients securely set up or switch payroll direct deposit within the TD app, Financial Times reports.

For the majority of employers, the process can be completed in around a minute, reducing paperwork and helping clients simplify the management of an everyday banking task.

The launch reportedly reflects TD's continued focus on simplifying everyday banking by digitising routine tasks and delivering convenience within the trusted, full-service banking relationship clients expect. 

According to the bank, the new feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination.

For many Canadians, updating payroll direct deposit historically involved paperwork and coordination with employers or payroll providers. TD says its new in-app experience helps simplify the process, giving clients a faster and more convenient way to update where their pay is deposited.

The software was reportedly built in collaboration with Atomic, a US-based fintech powering embedded banking infrastructure, including direct deposit switching, bill and subscription management and payment switching.

With its launch, TD becomes the first bank in Canada to offer a fully integrated, in-app payroll direct deposit switching experience. TD holds exclusive Canadian rights to this capability until the end of the year.

"As the first bank in Canada to offer this capability, TD is continuing to lead with innovations that help solve real client problems," Sunil Dixit - Head of Digital, Canadian Personal Banking - said.

"The future of banking is about designing experiences around customer intent. We know clients want to do more with us, and that they want to have access to their money quickly. With a deep understanding of evolving client needs, we've brought a once multi-step journey into a single, secure experience within the TD app. This launch is an example of how we're reimagining everyday banking from the client's perspective, aligning with a digital-first, human always approach."

Jordan Wright - Co-founder and CEO of Atomic - said, "Direct deposit switching may seem simple on the surface, but delivering an integrated and seamless experience across thousands of employers and payroll systems requires significant engineering. That's exactly the challenge Atomic has solved at scale for nine of the top ten US banks. We're proud to work with TD to bring that same proven infrastructure to Canada, powering the first fully integrated direct deposit switching experience among the country's financial institutions."

Source: Financial Times

(Quotes via original reporting)

In Canada, TD Bank Group has announced the launch of a new mobile-first experience that helps clients securely set up or switch payroll direct deposit within the TD app, Financial Times reports.

For the majority of employers, the process can be completed in around a minute, reducing paperwork and helping clients simplify the management of an everyday banking task.

The launch reportedly reflects TD's continued focus on simplifying everyday banking by digitising routine tasks and delivering convenience within the trusted, full-service banking relationship clients expect. 

According to the bank, the new feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination.

For many Canadians, updating payroll direct deposit historically involved paperwork and coordination with employers or payroll providers. TD says its new in-app experience helps simplify the process, giving clients a faster and more convenient way to update where their pay is deposited.

The software was reportedly built in collaboration with Atomic, a US-based fintech powering embedded banking infrastructure, including direct deposit switching, bill and subscription management and payment switching.

With its launch, TD becomes the first bank in Canada to offer a fully integrated, in-app payroll direct deposit switching experience. TD holds exclusive Canadian rights to this capability until the end of the year.

"As the first bank in Canada to offer this capability, TD is continuing to lead with innovations that help solve real client problems," Sunil Dixit - Head of Digital, Canadian Personal Banking - said.

"The future of banking is about designing experiences around customer intent. We know clients want to do more with us, and that they want to have access to their money quickly. With a deep understanding of evolving client needs, we've brought a once multi-step journey into a single, secure experience within the TD app. This launch is an example of how we're reimagining everyday banking from the client's perspective, aligning with a digital-first, human always approach."

Jordan Wright - Co-founder and CEO of Atomic - said, "Direct deposit switching may seem simple on the surface, but delivering an integrated and seamless experience across thousands of employers and payroll systems requires significant engineering. That's exactly the challenge Atomic has solved at scale for nine of the top ten US banks. We're proud to work with TD to bring that same proven infrastructure to Canada, powering the first fully integrated direct deposit switching experience among the country's financial institutions."

Source: Financial Times

(Quotes via original reporting)