TD Bank Embeds Banking in Workday, Targeting End of Manual Treasury

MOUNT LAUREL, NJ – March 10, 2026 – TD Bank U.S. has taken a significant step toward redefining corporate finance operations by embedding its banking services directly into the Workday platform, a widely used enterprise resource planning (ERP) system for finance and human resources. The move, made in collaboration with fintech partner FISPAN, allows U.S. business clients to access near real-time banking data directly within the software they use daily, aiming to eliminate cumbersome manual processes and costly system-switching.

This integration positions TD as one of the first U.S. banks to offer direct bank feeds within Workday, providing businesses with a unified interface for their financial operations. Initially focused on delivering bank transaction data, the initiative lays the groundwork for a more comprehensive embedded banking experience, with plans to introduce payment initiation and automated reconciliation capabilities later this year.

The End of Manual Treasury?

For decades, corporate treasury and finance departments have been saddled with fragmented, labor-intensive workflows. A recent TD survey conducted at the Association for Financial Professionals conference underscored the persistence of this issue, revealing that nearly 80% of treasury departments continue to rely on manual processes. This often involves downloading bank statements, manually uploading files into accounting systems, and painstakingly reconciling accounts—activities that are not only time-consuming but also prone to human error.

TD's new integration directly confronts this inefficiency. By piping bank transaction data directly into Workday, it automates a critical first step in the financial close process. This eliminates the need for finance teams to log into separate banking portals, manage data files, or perform manual entry, thereby increasing accuracy and providing a near real-time view of a company's cash position.

“As the payments ecosystem evolves, our clients expect seamless solutions that help them operate with greater speed, efficiency and precision," said Tom Gregory, Head of Treasury Management, Merchant and Government Banking at TD Bank U.S. "Embedded banking capabilities save our clients precious time, with fewer portals and less manual work, ensuring they maintain near real-time financial visibility and confident execution within the platforms they already use.”

The most ambitious part of the bank's vision is yet to come. With the planned rollout of enhanced payment and reconciliation features, TD aims to reduce the time clients spend on these accounting tasks by as much as 90%. If realized, such a dramatic efficiency gain could fundamentally alter the day-to-day responsibilities of finance professionals, freeing them from repetitive data management to focus on more strategic analysis and forecasting.

A Strategic Play in a Crowded Field

This move is more than just a new feature; it is a calculated strategic play in the rapidly growing embedded finance market. Global market projections estimate the industry could soar from around $104 billion in 2024 to over $830 billion by 2034. By embedding services directly into the digital ecosystems where their clients operate, traditional banks like TD are fighting to maintain relevance and deepen relationships in an era increasingly dominated by nimble fintech challengers.

TD's integration with Workday is the latest step in a broader digital strategy. The bank has already established similar connections with other popular business software, including QuickBooks, Microsoft Dynamics, Netsuite, and Sage Intacct, demonstrating a clear commitment to meeting business clients where they are. The partnership with FISPAN, a fintech specializing in creating these ERP-to-bank bridges, is crucial to this strategy, allowing the bank to accelerate its digital offerings without having to build every piece of the complex technological infrastructure from scratch.

"With this direct integration, we are setting a new standard for operational discipline and efficiency in banking," stated Paul Margarites, Head of Digital Channels, Transaction Banking at TD Securities. "Collaborating with industry-leaders like FISPAN and Workday allows us to continue innovating while delivering new benefits to our shared clients."

This collaborative approach highlights a key trend: the future of banking innovation lies in strategic partnerships. Instead of viewing fintechs as pure competitors, established financial institutions are increasingly leveraging them as partners to enhance their own offerings and speed up their time-to-market. For TD, this means being able to offer a 'plug-and-play' solution that requires no significant IT lift from the client, a major selling point for businesses wary of expensive and lengthy implementation projects.

The Rise of the All-in-One Business Platform

The integration also signals a powerful evolution for ERP platforms like Workday. Once seen as siloed systems for specific functions, they are rapidly becoming the central nervous system for entire organizations. By incorporating essential services like banking, these platforms significantly enhance their value proposition, moving closer to a true all-in-one operational hub.

This trend poses a direct challenge to the market for traditional, standalone Treasury Management Systems (TMS). The press release explicitly notes that the new functionality empowers organizations "without requiring expensive treasury management systems." For small and mid-sized businesses that found dedicated TMS solutions to be prohibitively expensive or complex, an integrated ERP-banking solution offers a powerful and accessible alternative. It provides sophisticated automation and real-time visibility that was previously the domain of large corporations with deep pockets.

While large enterprises with complex global treasury needs may still rely on advanced standalone TMS, this embedded model is set to capture a significant portion of the market by democratizing access to financial automation. The convenience of managing payments, reconciliation, and reporting within the same environment used for accounting, payroll, and financial planning is a compelling proposition that simplifies technology stacks and reduces operational friction.

As these integrations become more sophisticated, the lines between enterprise software, fintech, and traditional banking will continue to blur. The focus is shifting from the bank as a destination to banking as a utility—an invisible but essential service woven directly into the fabric of a business's daily operations. This evolution promises a future of greater efficiency, control, and strategic insight for businesses of all sizes.