Need to Know
- TD Online Accounting will use the technology of Autobooks, a small business banking accounting platform.
- Users will be able to more quickly receive and issue payments directly to and from their TD accounts.
- Online Accounting will provide a self-service, digital onboarding experience; Autobooks allows businesses to start invoicing within moments of enrollment.
As small businesses rely increasingly on e-commerce and strong digital tools for survival during the COVID-19 pandemic, TD Bank is boosting its accounting capacities with TD Online Accounting.
The new tool will leverage the technology of Autobooks, which is an accounting platform that caters especially to small businesses and entrepreneurs. TD Online Accounting will allow users to more quickly and efficiently receive payments to and process payments from their TD accounts: it is a self-service experience offering digital onboarding, and users to sign up can begin invoicing within moments of enrollment.
“Many business owners are constantly juggling numerous activities to keep their businesses running smoothly,” Chris Giamo, head of commercial banking for TD Bank said in a statement announcing the new tool. “TD Online Accounting takes away much of the administrative tasks of one of these critical activities — reconciling books and accounts — and empowers business owners to keep track of inflows and outflows more efficiently. Most importantly, this new tool allows business owners to have more time to serve their customers”
Giamo noted that the tool reflects TD’s commitment to “helping small and closely-held businesses maintain and grow their businesses through effective, innovative solutions and a convenient banking model” — especially during “these extremely challenging times, where every transaction and payment is critical.”
Indeed, TD has been rolling out new digital tools of late that are geared towards making online banking within its own digital ecosystem a more seamless, attractive experience to consumers and businesses alike. Earlier this month, the bank announced a partnership with Finicity, which will allow customers to transfer data to third-party financial management services. That agreement will leverage Finicity’s open API, allowing customers to securely share data, such as account numbers and passwords, only once, saving time and providing a more streamlined banking experience.
Overall, TD’s digital engagement is up 30% since the start of the coronavirus pandemic earlier this year. According to Rizwan Khalafan, TD’s Chief Digital and Payments Officer, the bank has rolled out more than 100 new tools to educate customers on how TD will maintain the level of service users were used to, pre-pandemic. These tools include the capability to handle government responses and programs, such as mortgage and auto-payment deferrals, and funds such as Canada’s Emergency Response Benefit (CERB).
“All of these capabilities were delivered within a week, and in some cases, just days, which for a bank is truly impressive,” Khalfan says. “It was great to see our agility come out in terms of responding to customer needs in that respect.”