Hamburg-based FinTech company Deposit Solutions has announced that it has reached new milestones in 2020. The company’s Open Banking platform has now transmitted a total volume of 25 billion euros in savings deposits, up from 16 billion euros 12 months ago. The growth was driven by the strong B2B business, with banks such as Deutsche Bank, Merck Finck Privatbankiers, M.M.Warburg as well as comparison portals and other partners using the platform to offer their customers third-party savings deposit products.
"More and more banks want to offer their customers not only their own product range but also attractive third-party savings deposit products, without losing the entire customer relationship to an interest rate platform or a third-party bank," says Dr. Tim Sievers, CEO and founder of Deposit Solutions. "Our platform enables this. We offer banks a new, open infrastructure for their deposits business, without entering into competition with them. The ever-increasing volumes of deposits our partners place through our platform shows they see a benefit in our solution.”
150 banks and 20 countries connected to the platform
The latest bank that has chosen to collaborate with Deposit Solutions to gain access to new customer groups and diversify its funding mix is the Austrian subsidiary of Banco do Brasil, the largest bank in South America. It is the 150th bank to partner with Deposit Solutions. Also, new on the platform is the German subsidiary of Akbank, one of the largest Turkish banks.
With the Swedish financial services provider Qliro and the Lithuanian bank EMBank partnering with Deposit Solutions to distribute savings deposit products via the company’s platform in Germany, Deposit Solutions is now operating across a total of 20 countries.
"The first banking partnership in a new country is an important milestone, as it means that we have adapted our platform to the local regulatory and operational requirements. We can then connect other partners in the country to our platform much more quickly and easily,” says Dr. Tim Sievers. "Our goal is to set a new market standard with our Open Banking platform. With 20 active countries in Europe, we are already well on the way to achieving this, and we’re planning to start with the same mission in the USA later this year.”