TD Bank will soon automate enterprise resource and cash management processes for its commercial customers in an embedded finance move.

The Cherry Hill, N.J.-based TD Bank, a subsidiary of the $1.73 trillion TD Bank Group, has selected enterprise resource management fintech FISPAN to embed TD Commercial digital banking products into an automated digital platform, according to an announcement last week.

The Vancouver-based FISPAN was founded in 2016 and offers an ERP platform for banks and financial institutions. It is partnered with Oracle Netsuite, Intuit QuickBooks and Microsoft Dynamics 365 and its other clients include SoFi, a customer of $3.95 trillion JPMorgan Chase.

The platform, which is in pilot phase and will roll out this summer, will not require a complicated technology overhaul, Paul Margarites, head of U.S. commercial digital platforms at TD Bank, told Bank Automation News.

“The highlights are seamless integration with no technology integration required,” Margarites said. “This feature furthers automation efficiency of their treasury management payables reconciliation.”

The platform is built on a mixture of application programming interfaces (APIs) and traditional banking models and enables TD Bank commercial customers to manage complicated payment and accounting processes with embedded features “inspired” by consumer banking innovations.

Margarites offered BAN a deeper look into the platform’s automation mechanisms.

“It automates the payables process by automatically generating and transmitting payment information directly to the bank,” he told BAN. “The human touch is there, however, to ensure the completion and accuracy of the data reconciliation process. This is a step toward full automation, with obvious places where a human can review and support active reconciliation.”

TD Bank is actively looking to increase its own automation capabilities beyond its bank competitors and heightened development of external APIs will be critical in this embedded finance push, Margarites told BAN.

“We are really excited about rolling out this embedded experience for our clients. We have big plans to expand capabilities,” he said.

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