Deposit Solutions joins WEF Centre for the Fourth Industrial Revolution

Source: Deposit Solutions

Deposit Solutions, the Open Banking pioneer and leading international platform for savings products, has joined the World Economic Forum’s San Francisco based Centre for the Fourth Industrial Revolution.

The Centre partners with leading companies, governments, civil society and experts from around the world with the scale and ambition to help chart the Fourth Industrial Revolution governance. Deposit Solutions, which has just recently closed a new investment round of USD 100m, is the first European Fintech company to become a member of this global hub.

Murat Sönmez, Head of Centre for the Fourth Industrial Revolution Network, said: “The Fourth Industrial Revolution is impacting all sectors and changing how people do business. The Banking and Fintech industries are no exception. We are pleased to have Deposit Solutions in our global Network to help deliver valuable input into the discussion of Open Banking and the future of the sector.”

With its Open Banking platform, Deposit Solutions introduced an important innovation to the retail banking sector. The company’s Banking-as-a-Service technology for savings enables banks to either source retail funding without any proprietary infrastructure or to offer their own customers third-party savings products. Bank customers gain easy access to best-in-class offers and maximize their savings, without the hassle of opening new bank accounts. Deposit Solutions is building an international marketplace for savings that benefits banks, savers and the financial system at large by eliminating inefficiencies in the value chain.

Tim Sievers, Founder and CEO of Deposit Solutions, said: “Deposit Solutions shares core beliefs with the World Economic Forum´s Centre: We are convinced that financial technology holds the potential to benefit all partners involved and collaboration is key to drive innovation. We look forward to contributing to the dialogue and feel honoured to be part of the Centre.”
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