Source: Deposit Solutions
Deposit Solutions, the open banking pioneer and leading international platform for savings deposits, has successfully launched its direct B2C channel Savedo in its first non-EU market, Switzerland.
The international expansion comes on the back of the business surpassing EUR 12 billion in transmitted deposits through its proprietary direct B2C channels ZINSPILOT and Savedo alone. With its proprietary channels the company distributes the deposit products listed on its open banking platform directly to savers. In addition to this more than 50 other partners, such as Deutsche Bank or Fidelity’s FFB, provide their customers with access to savings deposit products listed on Deposit Solutions’ open banking platform.
Tim Sievers, CEO and founder of Deposit Solutions said: “There is a high need among Swiss savers to invest their money simply and securely while benefiting from attractive interest rates. With Savedo, we are paving the way for savers to finally receive interest on their savings again. The launch of our Swiss platform is another big step in our goal to establish Open Banking as the new industry standard for the global 50 trillion USD savings deposits market.”
The international expansion follows a period of record growth with the volume of transmitted savings deposits more than trebling in a year and 175,000 customers opening accounts with Deposit Solutions’ award winning B2C channels ZINSPILOT and Savedo. At the same time Deposit Solutions’ core B2B business has grown to connect more than 90 banks from 16 countries and it is now active in four B2C markets.
Deposit Solutions’ Open Banking platform transforms the value chain in the savings deposit market to the benefit of banks and savers alike. Banks and non-bank financial Point-of-Sale owners that want to offer their own customers an attractive choice of deposit products under their existing client relationship can integrate the platform into their own ecosystem. Banks seeking deposit funding benefit from Deposit Solutions’ unique Deposits-as-a-Service model: they can easily connect to the platform and gain access to deposit funding from the clients of other Points-of-Sale without having to set up and operate their own deposit infrastructure for these customers.
As part of its service, Deposit Solutions operates ZINSPILOT and Savedo as its own proprietary Points-of-Sale, which market the deposit offers of its partner banks directly to savers.