Mastercard and Saxo Bank have announced a partnership to facilitate open banking payments into customer’s investment accounts.
The partnership will allow users of Saxo Bank’s investment platform to transfer funds into their accounts using Mastercard’s open banking technology. The new feature no longer requires customers to log into a separate bank account to manually transfer funds into their investment accounts.
The feature is already live in Denmark, having already improved customer experience with 20% new funds pouring in when customers make transactions to their investment accounts through open banking. The next step is to launch the open banking service in European markets.
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.”
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.”
Mastercard recently also collaborated with UK-based fintech Paysend to facilitate cross-border payments for small businesses.