Saxo Bank and Mastercard have entered into a partnership agreement to introduce open banking payments to Saxo Bank's investment platforms.
The partnership will allow Saxo Bank clients to transfer funds directly into their investment accounts, eliminating the need to log into a separate bank account to make a manual transfer.
Saxo Bank said that since the start of the partnership, approximately 20% of funds have already come through the new module, with clients funding their investment accounts via open banking.
"We’re thrilled to already see a positive impact on our customers' experiences 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 on our growing client base and make it easier for them to become invested," said Camilla Dahl Hansen, Global Chief Experience Officer at Saxo Bank.
The top-up service, which uses Mastercard's open banking technology, was initially available to users in Denmark, but Saxo Bank intends to roll it out to other European markets in the near future.
In addition, Saxo Bank emphasized that Mastercard's open banking solutions enable the secure exchange of financial data between parties, enabling more innovative financial services.
"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," Bart Willaert, Executive Vice President of Mastercard, commented on the partnership.
Further reading: AxiTrader changes its name and launches Axi Select program.
