Merchants can use the bank’s new software, which is powered by Texas-based BigCommerce, a Shopify competitor, to design web stores, manage inventory and process payments. (The Logic)

Talking point: Why is a bank getting into the e-commerce software business? In an interview, Alec Morley, TD’s senior vice-president of Canadian small-business banking, said it’s because “the merchant business is strategic to the larger banking business.” Offering business customers a one-stop shop for building and managing their online stores helps TD keep deposits and payments revenue in-house, rather than losing it to the likes of Shopify, Nuvei and Lightspeed. It also gives the bank access to valuable data about how their clients’ businesses are performing, which fintech competitors have turned into booming new revenue streams. Morley said that, for now, TD will focus on testing the platform and growing its customer base, before trying to turn it into a revenue generator. Meanwhile, Shopify has teamed up with PayPal to process some U.S. payments.