Financial services startup Hydrogen has signed a licensing agreement with TD Bank.
Toronto-based TD Bank will fuse Hydrogen’s application program interface (API) into its WebBroker platform, a self-service investment management platform.
Once the initial phase of Hydrogen’s technology is in place, TD clients will be able to create financial plans and customized investment portfolios and, using analytics programming, determine whether they are meeting their financial goals.
In the future, New York-based Hydrogen plans to add artificial intelligence features from its Web 3.0 platform, the company said.
“This is the first of several significant building blocks that will deliver a fully integrated, digital investing experience for TD clients,” said Tony Ierullo, vice president, Wealth Digital Innovation, TD Bank Group, in a press release.
Although Hydrogen’s platform includes public blockchain protocols, it was unclear from the release whether TD Bank would be using them. TD Bank is the sixth largest bank in North America with more than 25 million customers.
In June, Hydrogen received KPMG’s Fintech Startup of the Year over nearly 200 other entrants in the annual event. A number of fintech firms are already using Hydrogen technology.
“Almost every industry has been disrupted due to the pervasiveness of technology and shifting customer preferences, and the wealth industry is no exception,” said Michael Kane, president and CEO of Hydrogen in the release announcing the deal with TD Bank.