Previously, in order for Saxo Bank, the investment bank, consumers to transfer money to their investment accounts they would have to log in to a separate account and do it manually. Now partnering with Mastercard, the Danish investment bank no longer has to do this as open banking payments are implemented into the platform.
Currently, the open banking integration is only available to Saxo Bank customers in Denmark. However, the Bank’s aim is to roll out the service across other European markets. Mastercard’s open banking solution enables the safe sharing of financial data between trust parties to expand payment choices.
Mastercard also provides insights to support financial well-being, all the while enabling secure payments, account verification and lending decisions. As a result, people, businesses and economies flourish in a more connected world.
“We’re thrilled to already see a positive impact on our customers’ experience as a result of our partnership with Mastercard and we’re eager to explore more opportunities to innovate financial services experiences that can have a real impact on our growing client base and make it easier for them to become invested,” said Camilla Dahl Hansen, global chief experience officer at Saxo Bank.
She added: “As one of the first movers in the industry to embed open banking payments, our extensive experience gives us a strong advantage as one of the most intuitive investment platforms out there.”
“Through our partnership with Saxo Bank, we’re enabling simple, safe financial experiences for their customers powered by our open banking technology and leveraging the breadth of our global network to facilitate the bank’s expansion into new markets,” said Bart Willaert, executive vice president, International open banking at Mastercard.
The Saxo Bank and Mastercard partnership is already enabling a better user experience. Instant funding has improved since its launch. Around 20 per cent of new funds come through the new module when Saxo Bank customers add money or ‘top up’ their investment accounts using open banking.