The new partnership between the German B2B financial product broker PROCHECK24 and deposits marketplace Raisin pioneers a hybrid approach to embedded finance. Deposit products from Raisin’s European partner banks are integrated into Raisin’s German savings marketplace WeltSparen, then via PROCHECK24 into the broker’s bank partners, where they become available to those banks’ retail customers. Each link in this model brings a defined value for end customers, from higher interest rates and Raisin’s marketplace function, to PROCHECK24’s breadth of business users and data transfer technology, to the client banks with their retail services.

PROCHECK24’s system powers the most extensive household finance comparison and brokerage platform in Germany for its 60,000 clients, connecting them to a wide range of 3rd-party insurance products, loans, current accounts, and credit cards along with utilities contracts. Raisin’s savings marketplace represents the first overnight and term deposits in PROCHECK24’s product range. Now PROCHECK24 FSP clients can begin offering deposits from Raisin through a greatly simplified process. Raisin has thus expedited its integration with 60,000 potential new distribution partners across Germany. As a first, public bank Sparkasse Bremen is now offering Raisin deposit products powered by PROCHECK24’s platform.

End customer benefits accrue through data sharing: via its embedded application process, PROCHECK24 collects and transfers customer data to Raisin. All customer investment transactions are likewise transferred from Raisin by PROCHECK24 to their FSP client, which can react by providing their end customer with targeted and timely advice based on those transactions. Banks’ financial advisors can use the data transparency to proactively search for the highest yields and offer alternative products, for instance, when better interest rates become available, strengthening their own customer relationships. Raisin’s marketplace has already placed 26 billion Euro, with more than 750 deposit products on its platform from nearly 100 partner banks across Europe.

PROCHECK24 CEO Daniel Hering: “We’re proud to have secured Raisin as a market leader for this novel type of cooperation. Together we’re driving the concepts of platform economy and “embedded finance” forward from a business standpoint and have generated real value in the retail banking product sector. Thanks to open, uniform IT architecture, there is a tried and tested, deeply integrated set-up for all partners that can be easily implemented in existing systems. The extensive experience we gained in the new product process with Sparkasse Bremen, one of the top ten German Sparkasse banks, is particularly exciting for future bank cooperations. This is cost-effective and saves time during implementation. At the same time, the solution fits seamlessly into the ‘Look & Feel’ and brand world of banks and financial service providers.”

Benedikt Voller, Raisin Vice President for Business Clients and Partnerships: “Banks and their customers will benefit from our new distribution partnership with PROCHECK24. With Raisin’s German offers, banks and financial service providers can offer individually attractive options and retain customers, while also reducing their cost pressure and generating commission income from brokering over the entire investment period. Our aim is to significantly expand our sales activities through this smart partnership.”