Saxo Bank’s collaboration with Mastercard simplifies transactions and enhances financial well-being in Europe.
Previously, customers of the investment bank Saxo Bank had to physically log into a different account in order to transfer money to their investment accounts. The Danish investment bank no longer needs to do this thanks to its partnership with Mastercard, as open banking payments are now integrated into the platform.
Customers of Saxo Bank in Denmark are the only ones who can currently utilize the open banking integration. But the Bank wants to expand the service to more European markets. With Mastercard’s open banking solution, more payment options can be made possible by safely exchanging financial data between trusted parties.
Mastercard facilitates safe transactions, account verification, and lending choices while simultaneously offering information to improve financial well-being. People, companies, and economies all prosper as a result of the increased global connectivity.
“Positive impact on our customers”
Camilla Dahl Hansen, global chief experience officer at Saxo Bank, said, “We’re thrilled to already see a positive impact on our customers’ experience 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.”
“Being among the first in the industry to integrate open banking payments, our wealth of knowledge offers us a significant edge as one of the most user-friendly investment platforms available,” she continued.
Bart Willaert, executive vice president, International open banking at Mastercard, stated, “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.”
The collaboration between Mastercard and Saxo Bank has already improved user experience. Since its debut, instant funding has become better. Twenty percent of the new funds are added through the new module when Saxo Bank clients use open banking to “top up” or add funds to their investment accounts.
