Open banking platform Raisin has acquired Choice Financial Solutions so it can offer US banks and credit unions the ability to create flexible deposits.
Choice Financial Solutions provides financial institutions with software to improve their savings solutions. The company can help financial institutions to lower the time and cost to market, improve the customer experience, provide personalized offerings and automate end-to-end processes.
A bank can customize term deposit accounts to offer cash distributions at set periods over the term of the product. It can also provide for ad-hoc withdrawal schedules and amounts through a dingle customized deposit.
Following the close of the deal, Raisin will license Choice’s software to American banks, enabling them to create flexible deposits and offer the products to customers or through the Raisin platform.
Raisin U.S. CEO Paul Knodel said, “Joining forces with Choice Financial Solutions lets Raisin begin offering cutting-edge services to banks and customers before we even launch our U.S. platform. Retail consumers increasingly expect convenience in every area of life, and banks today want to meet that demand, not just in terms of online and mobile banking, but also their banks’ available range of products.
“As a leading innovator in the deposits space, Raisin sees Choice FS as a perfect fit for our mission in the U.S. deposits market. The enthusiastic market feedback we have already received affirms how ripe the savings space is for just this type of personalization.”
Raisin, a Germany-based FinTech, offers SMEs access to a marketplace of over 500 deposit products across Europe, as well as diversified exchange-traded fund portfolios and pension products.
Last year, the company deployed its deposit products through the personal finance FinTech Yolt.