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Sunday, October 15, 2023

Enhancing Open Banking Payments for Investments: Mastercard and Saxo Bank Partner

The financial
services provider, Mastercard and Saxo Bank have announced a strategic
partnership aimed at revolutionizing the way customers manage their investment
accounts through open banking technology.

Mastercard’s Open Banking
Technology at Play

This
innovative collaboration enables users of Saxo Bank’s investment platform to
seamlessly transfer funds into their accounts by harnessing the power of
Mastercard’s open banking technology.

Unlike
traditional methods that require customers to log into separate bank accounts
and manually transfer funds, this new feature streamlines the process,
enhancing convenience and efficiency.

Bart
Willaert, the Executive Vice President of International Open Banking at Mastercard,
emphasized the significance of this partnership when he
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
service has already been successfully launched in Denmark where it has
significantly improved the overall customer experience. Notably, there has been
a remarkable increase of 20% in new funds pouring into investment accounts through
open banking transactions. Encouraged by this initial success, both companies
are now gearing up to introduce this open banking service across European
markets.

Camilla
Dahl Hansen, the Global Chief Experience Officer at Saxo Bank, expressed her
enthusiasm about the partnership’s positive impact on customers. She
highlighted the mission to continually innovate financial services experiences,
aiming to benefit their growing client base by simplifying investment
processes.

“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 for our growing client base and make it easier for them to
become invested,” declared Hansen.

Collaboration
with UK Fintech Paysend for Cross-Border Payments

The
collaboration is in line with Mastercard’s broader efforts to drive innovation
in financial services. Recently, the company joined forces with UK-based
fintech Paysend to facilitate cross-border payments for small businesses, expanding its influence in the financial technology sector.

The
Mastercard ↗ and Saxo Bank ↗ partnership marks a pivotal moment in the world of
open banking, offering customers an easier, more efficient way to manage their
investments.

As
they set their sights on European markets, this initiative promises to reshape
the future of financial services by providing a user-friendly, secure, and
streamlined approach to investment management.

The financial
services provider, Mastercard and Saxo Bank have announced a strategic
partnership aimed at revolutionizing the way customers manage their investment
accounts through open banking technology.

Mastercard’s Open Banking
Technology at Play

This
innovative collaboration enables users of Saxo Bank’s investment platform to
seamlessly transfer funds into their accounts by harnessing the power of
Mastercard’s open banking technology.

Unlike
traditional methods that require customers to log into separate bank accounts
and manually transfer funds, this new feature streamlines the process,
enhancing convenience and efficiency.

Bart
Willaert, the Executive Vice President of International Open Banking at Mastercard,
emphasized the significance of this partnership when he
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
service has already been successfully launched in Denmark where it has
significantly improved the overall customer experience. Notably, there has been
a remarkable increase of 20% in new funds pouring into investment accounts through
open banking transactions. Encouraged by this initial success, both companies
are now gearing up to introduce this open banking service across European
markets.

Camilla
Dahl Hansen, the Global Chief Experience Officer at Saxo Bank, expressed her
enthusiasm about the partnership’s positive impact on customers. She
highlighted the mission to continually innovate financial services experiences,
aiming to benefit their growing client base by simplifying investment
processes.

“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 for our growing client base and make it easier for them to
become invested,” declared Hansen.

Collaboration
with UK Fintech Paysend for Cross-Border Payments

The
collaboration is in line with Mastercard’s broader efforts to drive innovation
in financial services. Recently, the company joined forces with UK-based
fintech Paysend to facilitate cross-border payments for small businesses, expanding its influence in the financial technology sector.

The
Mastercard ↗ and Saxo Bank ↗ partnership marks a pivotal moment in the world of
open banking, offering customers an easier, more efficient way to manage their
investments.

As
they set their sights on European markets, this initiative promises to reshape
the future of financial services by providing a user-friendly, secure, and
streamlined approach to investment management.

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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