TD Global Transfer Marketplace: A Holistic Approach to Our Customers' Needs

The financial ripples of the global pandemic continue to affect our customers, and their family and friends, around the world. The ability to send funds internationally through a reliable money transfer service has become increasingly important, especially in a physically distanced environment.

However, even before the pandemic, digital transfer options weren't widely available in the Canadian banking space. We heard from our colleagues on the retail side of the bank that customers were frustrated with the lack of remittance products and services at their disposal.

"…There's a growing demand to do business, travel, live or support loved ones internationally," says Nadia Williams, Vice President, Retail FX and Precious Metals Products. "… With that comes the need to send payments quickly and conveniently. Remittance entrants have come and gone over the past few years, but with the importance of speed, safety and security remaining paramount in the Payments space, it was clear that our customers needed a variety of solutions to choose from…"

To provide our customers with a better banking experience, we launched the TD Global Transfer Marketplace. This payments hub is the result of clearly identifying a problem facing our customers and producing an innovative platform that directly addresses the issue.

Client-Focused Synergy

We started building a solution that would bridge the payments gap a couple of years ago with the Visa Direct product, allowing customers to send money to Visa cards internationally. But as the remittance industry evolved, we knew we needed more options to be considered players in the payments space, and to successfully deliver on the capabilities and the quality of service we wanted to offer our clients.

With a shared vision of creating an innovative marketplace with global reach, we joined efforts with our colleagues in the Retail bank to collaborate on a Payments solution. We were able to locate and leverage the right insights, partners and platforms to position the marketplace exactly where our customers need it to be.

An Idea Bigger Than the Sum of Its Parts

A collaborative environment across multiple TD businesses works when we collectively approach a problem with the same driving mindset – the Customer. We don't view our customers as only a Retail client or as only an Institutional client. Our customers are TD customers and our services benefit everyone who banks with us.

"Across the ideation, planning and execution phases, all Product, Innovation, Operations, and Technology teams across TD came together to achieve one goal – develop best-in-class remittance products and services that match the evolving needs of our clients," says Anthony Herceg, Director, North American Retail FX and Precious Metals. "The key to launching a program of this size was to ensure all contributors had a clear vision of the end goal with the customer experience at top of mind."

With the launch of the TD Global Transfer Marketplace, our clients now have more transfer options available to them in a one-stop-shop experience. By combining the efforts of TD Securities, Payments and Digital Channels, Money-In Solutions teams and more, we were able to offer our customers transparent payment options to send money internationally to cash or a Visa card, or to wire funds directly to an international account.

The TD Global Transfer Marketplace exemplifies our potential to integrate our resources and deliver on a client-driven solution. By assembling partners from across the bank that have in-depth knowledge of their respective businesses, that cared about the results, and that saw the bigger picture for the customer, we were able to unlock talent from key groups that drove us to a successful launch. We will continue to build on this model to evolve our capabilities on future projects for our digital presence, our products and for our clients.