Saxo Bank and Mastercard launch open banking payments for investment accounts
September 19, 2023 | Copenhagen, Denmark
Offering customers an easier, faster and trusted way to top-up their investment account by using open banking payments
Saxo Bank and Mastercard are announcing a partnership to implement open banking payments in Saxo Bank’s investment platforms, making it seamless for customers to transfer money into their investment accounts. Saxo Bank customers will no longer need to log in to a separate bank account to initiate a manual transfer into their investment account.
The Saxo Bank and Mastercard partnership is already enabling a better user experience. Instant funding has improved since launch with around 20% of new funds coming through the new module when Saxo Bank customers add money or “top up” their investment accounts using open banking.
“We’re thrilled to already see 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” said Camilla Dahl Hansen, Global Chief Experience Officer at Saxo Bank and added: “As one of the first movers in the industry to embed open banking payments, our extensive experience gives us a strong advantage as one of the most intuitive investment platforms out there.”
“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,” said Bart Willaert, executive vice president, International Open Banking at Mastercard.
Saxo Bank customers in Denmark can now top up their investment accounts using Mastercard’s open banking technology. The payments feature is set to be rolled out across additional European markets as a next step.
Mastercard's open banking solutions enable the safe sharing of financial data between trusted parties to create more innovative financial services experiences, expand payment choice, provide insights to support financial wellbeing, enable secure payments and support account verification and lending decisions – helping people, businesses and economies flourish in a more connected world.
About Saxo Bank
Headquartered in Copenhagen and authorized and regulated in multiple jurisdictions, the Saxo Bank Group holds over €86bn in client assets and employs over 2,500 staff worldwide.
We serve and onboard institutional partners from our offices in key financial centers, including Denmark, the UK, Amsterdam, Singapore, Australia, Hong Kong and Switzerland.
Saxo Bank A/S is the parent company, and full or majority owner of all subsidiaries within the Saxo Bank Group. Each of the licensed entities within the group is subject to the supervision of its local regulator.
www.home.saxo
About Mastercard (NYSE: MA)
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
