Northern Bank Ltd, trading as Danske Bank UK is announcing that it has partnered up with the European open banking platform, Aiia (recently acquired by Mastercard) to deliver innovative digital solutions to help its more than 20.000 business and corporate customers through its business banking platform, District.
The partnership will give all of Danske Bank UK’s customers a hassle-free and simple approach to managing company funds in one place and remove obstacles from switching between business banking platforms to get a full overview of their financial situation across banks. The new feature ‘Accounts from other banks’ utilises open banking and provides real financial transparency for business customers. In the coming weeks, Danske Bank will pilot this new feature with businesses keen on using the new product extension.
The partnership also opens up for a new market entry for Aiia, who will be focusing heavily on empowering the UK and Ireland with their high quality and privacy driven approach to open banking. Today, the open banking platform connects to more than 3,000 banks across Europe and the UK is a key market in Aiia’s expansion plans for 2022.
Commenting on the collaboration, David Thompson, Head of Digital Channels of Danske Bank UK says:
“We’re delighted to sign this agreement with Aiia, which will allow us to deliver innovative digital solutions for our customers. Many of our business customers use more than one bank and they have told us it's difficult to overview all their accounts and transactions. In response to this feedback we’ve developed “Accounts from other banks”, which enables businesses to view accounts and payments across banks in a single view in our business banking platform, District. Partnering with Aiia in the UK was the natural choice for us, as they’ve shown full commitment to building a secure and compliant platform through a quality driven approach”
Commenting on the collaboration, Jonas Vogt Rasmussen, Head of Banking of Aiia says:
“We’re happy and honored to empower Danske Bank UK and enable the bank to enhance user experience for their business and corporate customers. With Aiia, Danske Bank starts by solving the inconvenient and time-consuming affair for multi-banked businesses of switching between different banking platforms to get a complete financial overview. The solution will be a one-stop shop for businesses and shows exactly that the core of open banking and the future of financial services is about delivering convenience on a day-to-day level. Yet again, Danske Bank proves that they’re at the digital forefront of banking innovation.”
In the future, Danske Bank UK plans to add open banking payments, make the open banking features available to their retail customers as well as power other impactful use cases with open banking.