TD Bank sets sights on end-to-end accounts payable automation

Show Notes

TD Bank’s U.S. strategy for commercial payments leans on back-office process automation.  

While the $450 billion U.S. arm of the Toronto-based bank has been digitizing its payments capabilities for several years, the pandemic accelerated the process for TD customers who may have been reticent to invest in automation. 

The bank’s commercial customers realized that existing “paper-pushing,” manual processes were not sustainable, Jo Jagadish, executive vice president and head of corporate products, services and innovation at TD, tells Bank Automation News in today’s episode of “The Buzz.” 

“We put in place, even pre-pandemic, products that enabled clients to really lean into the digitization of that back-end processing,” Jagadish says. “I think what was helpful, though, was that the pandemic helped accelerate the implementation of many of those conversations that were still on the cusp.”  

Invoicing, documentation and payment workflows were automated for success across TD’s client base, and she adds that a pre-pandemic “integrated payable solution” saw high rates of adoption. Moving forward, accounts payable automation for TD’s commercial customers will be a key innovation point.  

“We are looking over the next few months to enhance that capability to provide end-to-end accounts payable automation for the upper end of our community bank segment,” Jagadish says. “We really looked at the client base and tried to adopt the pricing, the packaging and the solution for the lower end of the spectrum while also solving for our middle market customer base.” 

Listen as TD’s Jagadish talks automation hurdles for commercial payments and best practices for banks embarking on an automation journey.  

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