Toronto-Dominion Bank has reportedly agreed to use Moven's digital banking and money management technology.
This would be the second such bank partnership for Moven, a branchless "neobank" based in New York and founded by Brett King. In August, Westpac New Zealand announced plans to integrate Moven's software into its online banking platform.
According to The Globe and Mail, which reported the partnership with TD Bank Sunday, the Canadian institution will incorporate Moven's money management tools into its mobile banking apps. This would give customers one app with which to do basic banking tasks, such as paying bills and transferring funds, and to manage their budgets.
Moven's software is designed to help people stay in control of their money by giving them feedback on their everyday spending. The software tracks and categorizes purchases made with linked cards and accounts. Each time a customer buys something, that person gets a message about her overall spending patterns - for instance, how much she has spent on lattes this month. The app compares the customer's spending with her monthly averages, which helps her determine how much more she can afford to spend.