Source: TD<\/p>\n
TD has launched a new mobile-first experience that helps clients securely set up or switch payroll direct deposit within the TD app. With most employers, the process can be completed in about a minute, reducing paperwork and helping clients manage an everyday banking task more simply and conveniently.<\/p>\n
The launch reflects TD\u2019s continued focus on simplifying everyday banking by digitizing routine tasks, while delivering that convenience within the trusted, full-service banking relationship clients expect. The feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination.<\/p>\n
Key takeaways:<\/p>\n
Switching direct deposit is now faster and simpler: Clients can set up or switch payroll direct deposit online in about a minute, with most employers, using a guided experience in the TD mobile app.
\nA first among Canada\u2019s financial institutions: TD is the first financial institution in Canada to offer a fully integrated in-app payroll direct deposit switching experience.
\nNo paperwork and manual coordination: The digital process eliminates forms and reduces the need for contacting employers or payroll providers directly.
\nA more secure way to manage payroll information: The in-app experience helps reduce the need to share sensitive banking information through paper forms or email, helping lower the risk of manual data-entry errors and unnecessary exposure.
\nMaking it easier for clients to establish TD as their everyday banking account: The secure, digital setup simplifies the direct deposit onboarding process, helping clients move their everyday banking with confidence, not just with speed.<\/p>\n
For many Canadians, updating payroll direct deposit has historically involved paperwork and coordination with employers or payroll providers. TD\u2019s new in-app experience helps simplify the process, giving clients a faster and more convenient way to update where their pay is deposited.<\/p>\n
With the new in-app experience, clients can:<\/p>\n
Set up or switch payroll direct deposit in about a minute, with most employers
\nAvoid printing, scanning or emailing sensitive financial documents
\nReduce the risk of manual data-entry errors
\nKeep banking information secure within the TD mobile app<\/p>\n
By simplifying a traditionally manual process, TD is helping clients spend less time on administrative tasks and more time focused on what matters most, backed by the scale, security and advice of one of Canada\u2019s leading banks.<\/p>\n
A first among Canada\u2019s financial institutions<\/p>\n
Built in collaboration with Atomic, a US-based fintech company powering embedded banking infrastructure, including direct deposit switching, bill and subscription management and payment switching, TD is 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 through the end of 2026, reinforcing the Bank\u2019s focus on delivering innovative digital experiences that help meet client needs.<\/p>\n
The launch also supports TD\u2019s \u201cdigital first, human always\u201d approach, combining modern digital convenience with the security, trust, advice and support that clients expect from a full-service bank.<\/p>\n
\u201cAt TD, we\u2019re focused on making everyday banking simpler by removing friction from the tasks clients do most often,\u201d said Aaron Clark, senior vice president, everyday banking, saving & investing, Canadian personal banking.<\/p>\n
\u201cUpdating payroll direct deposit has traditionally been a manual, time-consuming process that can create unnecessary barriers when opening a new account or switching banks. With Digital Direct Deposit, we\u2019re transforming that experience through a secure, integrated solution that simplifies a critical step in establishing your everyday banking relationship. TD is combining the ease clients increasingly expect from digital tools with the confidence, advice and support of a full-service bank.\u201d<\/p>\n
\u201cAs the first bank in Canada to offer this capability, TD is continuing to lead with innovations that help solve real client problems,\u201d said Sunil Dixit, head of digital, Canadian personal banking.<\/p>\n
\u201cThe 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\u2019ve brought a once multi-step journey into a single, secure experience within the TD app. This launch is an example of how we\u2019re reimagining everyday banking from the client\u2019s perspective, aligning with a digital-first, human always approach.\u201d<\/p>\n
\u201cDirect 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,\u201d said Jordan Wright, co-founder and chief executive officer of Atomic.<\/p>\n
\u201cThat\u2019s exactly the challenge Atomic has solved at scale for nine of the top ten US banks. We\u2019re 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\u2019s financial institutions.\u201d<\/p>\n
In collaboration with Atomic, TD is making a once-manual banking task faster, simpler and more secure for Canadian clients on the mobile app, delivering an innovative digital experience that puts clients at the centre.<\/p>\n