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.