TD Bank Group has announced an initial commitment of up to $25 million over three years to support AI development and adoption through a collaboration between Cohere and its Layer 6 research team.
Cohere specialists will work alongside Layer 6 at Toronto’s MaRS Discovery District, combining enterprise AI models with the bank’s applied research expertise.
Knowledge management is among the focus areas, with the collaboration exploring ways to improve productivity, decision-making and client experiences while emphasizing security and responsible adoption.
The relationship builds on years of investment in TD’s internal AI capabilities. Acquired by the bank in 2018, Layer 6 has expanded beyond Toronto, with Fintech.ca previously covering its expansion into New York to support TD’s U.S. operations.
More recently, TD deployed its first agentic AI model for mortgage lending. Developed by Layer 6 alongside teams across the bank, the system generates application summaries for underwriters in minutes instead of hours, according to TD.
Cohere also has an established relationship with another major Canadian bank. As Fintech.ca previously reported, RBC partnered with the company to co-develop North for Banking, an enterprise generative AI solution tailored to financial services.
Together, these initiatives suggest Canadian banks are increasingly combining proprietary AI research with external partnerships to bring the technology into everyday operations.
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