Announcement • Aug 10

TD Bank Group Introduces New In-App Payroll Deposit Switching Experience

TD Bank Group became the first bank in Canada to offer a fully integrated in-app direct deposit switching experience, helping clients switch payroll deposits quickly, securely and online in about a minute, with most employers. TD Bank Group 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. The feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination. 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. TD Bank Group is the first financial institution in Canada to offer a fully integrated in-app payroll direct deposit switching experience. The digital process eliminates forms and reduces the need for contacting employers or payroll providers directly. 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. The secure, digital setup simplifies the direct deposit onboarding process, helping clients move their everyday banking with confidence, not just with speed. TD Bank Group's new in-app experience helps simplify the process, giving clients a faster and more convenient way to update where their pay is deposited. With the new in-app experience, clients can set up or switch payroll direct deposit in about a minute, with most employers, avoid printing, scanning or emailing sensitive financial documents, reduce the risk of manual data-entry errors, and keep banking information secure within the TD mobile app. Built in collaboration with Atomic, a U.S.-based fintech company powering embedded banking infrastructure, including direct deposit switching, bill and subscription management and payment switching, TD Bank Group is the first bank in Canada to offer a fully integrated, in-app payroll direct deposit switching experience. TD Bank Group holds exclusive Canadian rights to this capability through the end of 2026. Digital direct deposit switching allows TD Bank Group clients to securely update where their paycheque is deposited without completing paper forms or contacting their employer directly. Clients can choose which eligible TD Bank Group account, including chequing, savings or unsecured line of credit, they want their direct deposit moved to, and with most employers, the process can be completed in about a minute, within TD Bank Group's secure mobile app. If a client's employer or payroll provider is not currently supported, clients are guided to a pre-filled manual form to complete the process. With TD Bank Group Digital Direct Deposit, clients can follow a guided process in the TD Bank Group mobile app to securely update their payroll information without needing to locate account details or submit forms. With most employers, the process can be completed in about a minute within the TD Bank Group app. Digital Direct Deposit is designed to be completed in about a minute, with most employers, within the TD Bank Group app, allowing clients to quickly update where their pay is deposited. TD Bank Group Digital Direct Deposit helps reduce the need to share sensitive banking information through email or paper forms by keeping the process within TD Bank Group's secure digital banking environment, lowering the risk of errors and exposure. With most employers, TD Bank Group Digital Direct Deposit reduces the need for manual coordination by providing a guided in-app experience. If an employer or payroll provider is not currently supported, clients are directed to complete the process using a manual form.

Announcement • Jul 31

Toronto-Dominion Bank Group Introduces Enterprise-Wide Responsible Ai Principles

Toronto-Dominion Bank Group introduced its enterprise-wide Responsible AI Principles, reinforcing the Bank's commitment that innovation is to be guided by strong oversight, transparency and accountability. The TD Responsible AI Principles establish seven commitments that guide how AI is developed, deployed and used across TD. These commitments address laws that already apply to financial institutions, as well as transparency and explainability, data use and privacy, fairness, quality and accountability, reliability, and security. TD is also incorporating the Responsible AI Principles into employee education programs, helping colleagues understand expectations related to the responsible use of AI at the Bank. These Responsible AI Principles establish clear expectations for fairness, transparency, explainability and accountability, while the Bank's governance and risk-management processes require the consistent application of those principles across AI use cases. TD is embedding these Responsible AI Principles throughout the lifecycle of its AI systems, from initial design and development through deployment and ongoing monitoring. Every AI use case introduced at TD must align with these principles and undergo assessments for explainability, fairness and performance development. The framework is supported by governance and risk management processes, including model risk assessments, privacy impact assessments and independent oversight reviews to ensure alignment with the principles. The Responsible AI Principles are embedded in the AI Risk framework and policy. They are overseen by the Bank's AI Risk Management team and operationalized by the Trustworthy AI team, a specialized group of scientists focused on advancing the safe and secure use of the technology at TD. Under TD's AI Risk Management framework, AI use cases are evaluated against requirements related to fairness, explainability, privacy and performance before they are deployed. The Trustworthy AI team continues to monitor AI use cases once deployed, tracking performance, fairness and explainability so that systems continue to operate as intended. Through these measures, TD aims to deliver AI capabilities that are transparent, accountable and resilient, helping clients and colleagues benefit from innovation with confidence.

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