TD 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 launch reflects TD's continued focus on simplifying everyday banking by digitizing routine tasks, while delivering that convenience within the trusted, full-service banking relationship clients expect. The feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination.

For many Canadians, updating payroll direct deposit has historically involved paperwork and coordination with employers or payroll providers. TD'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
• Keep banking information secure within the TD mobile app

By simplifying a traditionally manual process, TD is helping clients spend less time on administrative tasks and more time focused on what matters most, backed by the scale, security and advice of one of Canada's leading banks.

A first among Canada's Financial Institutions

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 is the first bank in Canada to offer a fully integrated, in-app payroll direct deposit switching experience. TD holds exclusive Canadian rights to this capability through the end of 2026, reinforcing the Bank's focus on delivering innovative digital experiences that help meet client needs.

The launch also supports TD's "digital first, human always" approach, combining modern digital convenience with the security, trust, advice and support that clients expect from a full-service bank.

"At TD, we're focused on making everyday banking simpler by removing friction from the tasks clients do most often," said Aaron Clark, Senior Vice President, Everyday Banking, Saving & Investing, Canadian Personal Banking. "Updating payroll direct deposit has traditionally been a manual, time-consuming process that can create unnecessary barriers when opening a new account or switching banks. With Digital Direct Deposit, we're transforming that experience through a secure, integrated solution that simplifies a critical step in establishing your everyday banking relationship. TD is combining the ease clients increasingly expect from digital tools with the confidence, advice and support of a full-service bank."

"As the first bank in Canada to offer this capability, TD is continuing to lead with innovations that help solve real client problems," said Sunil Dixit, Head of Digital, Canadian Personal Banking. "The future of banking is about designing experiences around customer intent. We know clients want to do more with us, and that they want to have access to their money quickly. With a deep understanding of evolving client needs, we've brought a once multi-step journey into a single, secure experience within the TD app. This launch is an example of how we're reimagining everyday banking from the client's perspective, aligning with a digital-first, human always approach."

"Direct deposit switching may seem simple on the surface, but delivering an integrated and seamless experience across thousands of employers and payroll systems requires significant engineering. That's exactly the challenge Atomic has solved at scale for nine of the top ten U.S. banks. We're proud to work with TD to bring that same proven infrastructure to Canada, powering the first fully integrated direct deposit switching experience among the country's financial institutions," said Jordan Wright, Co-founder and CEO, Atomic.

In collaboration with Atomic, TD is making a once-manual banking task faster, simpler and more secure for Canadian clients on the mobile app, delivering an innovative digital experience that puts clients at the centre.