The collaboration will enable users of Saxo Bank’s investment platform to transfer funds into their accounts using Mastercard’s open banking technology in a more streamlined approach, that will see them avoid having to log into a separate bank account.
The feature is already live in Denmark, and is expected to be rolled out across Europe following the successful trial period which has seen around 20% of new funds coming through the new module.
Camilla Dahl Hansen, global chief experience officer at Saxo Bank stated: “We’re thrilled to already see 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 for our growing client base and make it easier for them to become invested.”
Mastercard’s open banking solutions enable the safe sharing of financial data between trusted parties to create more innovative financial services experiences, expand payment choice, provide insights to support financial wellbeing, enable secure payments and support account verification and lending decisions – helping people, businesses and economies flourish in a more connected world.
Bart Willaert, executive vice president of international open banking at Mastercard, added: “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.”
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