TD Bank Moves Commercial Clients Off Legacy Systems to New Platform

With the release of TD eTreasury, TD Bank will be able to move all of its commercial clients on to one online banking platform for the first time.

TD Bank ($212 billion in assets) introduced a new commercial online banking platform today called TD eTreasury that will help position the bank for future growth in the commercial banking market, says Rick Burke, the head of corporate products and services for the Portland, ME-based bank. Burke explains that the new platform, which was formed by the merger of two regional banks a few years ago, will replace the legacy systems of the regional banks, moving all of TD's commercial clients on to a single platform for the first time.

In addition to consolidating its clients on one platform, the new system was also designed to give a better user experience for clients, Burke says. The new platform will feature a dashboard that corporate treasurers can customize with different widgets and financial management tools, reports and alerts that clients can modify and auditing and security enhancements. The platforms users will also be able to access imaging archives of their statements and payments going back 7 years. "I'm not aware of anyone else who offers seven years worth of imaging archives," Burke states.

The platform also features TD Bank's eLearning module that will help business clients train new hires on the system. The module allows those new employees to play around with the system and simulate different activities, Burke says. And when an employee makes a mistake the module has the ability to take them back and show them where they took a misstep in the simulation.

The bank has already migrated most of their commercial customers to the new system. "The feedback so far has been overwhelmingly positive," Burke relates. Some of the bank's customers were hesitant to change to the new system, he admits, but even some of those that were nervous about the transition have reported that they find the new system more convenient than the legacy systems. To ease the migration to the new platform the bank has been offering daily webinars for customers to attend and speak with TD Bank personnel about the new system.

Further down the line Burke says that the bank will be looking to add mobile service such as alerts and check deposits to complement the eTreasury platform after all of the migrations are done.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio