TD, Moven Announce Canadian Agreement

TD and Movencorp today announced an exclusive agreement that “marks a tipping point in the Canadian mobile banking landscape,” according to the companies.

Under the terms of the agreement, TD will have the exclusive Canadian distribution rights to Moven’s real-time, mobile-based money management app. The first of its kind in Canada, the Moven app will operate alongside the TD mobile banking app and provide customers with the ability to manage their spending habits by linking their TD banking activities in real-time to their savings goals.

“The TD agreement with Moven offers our Canadian customers access to leading-edge technology with a simple, convenient and innovative way to manage day-to-day financial choices alongside long and short-term financial goals,” said Rizwan Khalfan, Chief Digital Officer, TD Bank Group.

“The addition of real-time money management capabilities to the TD mobile app demonstrates our commitment to comfort and convenience and to our growing leadership in the digital banking space,” Khalfan added. “Customers will be better informed on how they use their money and empowered to improve their financial wellness with each spending decision they make.”

Moven is a money management app that provides users with feedback on their spending behavior. Moven’s app links with traditional plastic payment cards as well as newer mobile payment technologies to provide notifications and spending insight whenever a card is swiped or a phone is tapped to make a payment.

“No other mobile-based bank account or personal spending app currently available to Canadians offers the ability to track your financial health in real-time,” said Brett King, founder and CEO, Moven. “This is a big step for Canadian banking and we are excited to work exclusively with TD to bring Moven technology to customers along with the information they need to create money habits they can feel good about.”

“Budgeting isn’t the answer,” he added. “Changing your spending behavior is. Think of this as a personal trainer for your wallet.”

Additional details around the design and functionality of the Moven app and how it will work with the TD mobile banking app will be made available at market launch later in 2015, according to TD.