Saxo Bank and Mastercard have joined forces to integrate open banking payments into Saxo Bank’s investment platforms. This collaboration simplifies the process of depositing money into investment accounts by eliminating the need for customers to manually transfer funds from separate bank accounts.
This alliance has already enhanced the user experience, with instant funding options seeing significant uptake. Approximately 20% of new deposits into Saxo Bank investment accounts now come through the newly-implemented open banking module.
Camilla Dahl Hansen, the Global Chief Experience Officer at Saxo Bank, expressed enthusiasm about the early positive outcomes from the collaboration with Mastercard. She stated that the partnership not only enhances customer experience but also sets the stage for additional financial services innovations. She emphasised that Saxo Bank’s pioneering steps in implementing open banking payments place it at the forefront of intuitive investment platforms.
Bart Willaert, the Executive Vice President of International Open Banking at Mastercard, highlighted how the partnership allows for secure, straightforward financial transactions for Saxo Bank clients. The collaboration leverages Mastercard’s open banking technology and expansive global network to aid Saxo Bank’s growth into new international markets.
As of now, Saxo Bank’s clients in Denmark can easily add funds to their investment accounts using Mastercard’s open banking solutions. Plans are underway to introduce this feature in other European countries in the coming phases.
Mastercard’s open banking capabilities allow for the secure exchange of financial information between authorised entities. This technology fosters the development of more innovative financial services, broadens payment options, aids in account verification, and supports lending decisions. Overall, these features contribute to individual and business financial wellbeing, paving the way for a more interconnected global economy.
