Tim Sievers, CEO, Deposit Solutions

Deposit Solutions, the German open banking platform for savings deposits, has announced the launch of its first non-EU based B2C channel Savedo in Switzerland.

The international expansion comes on the back of the business surpassing €12 billion in transmitted deposits through its proprietary direct B2C channels ZINSPILOT and Savedo alone. The expansion also followed the period of record growth with more than 175000 customers opening accounts.

Tim Sievers, CEO and founder of Deposit Solutions said: “There is a high need among Swiss savers to invest their money simply and securely while benefiting from attractive interest rates. With Savedo, we are paving the way for savers to finally receive interest on their savings again. The launch of our Swiss platform is another big step in our goal to establish Open Banking as the new industry standard for the global 50 trillion USD savings deposits market.

With its proprietary channels, the company distributes the deposit products listed on its open banking platform directly to savers. In addition to this more than 50 other partners, such as Deutsche Bank or Fidelity’s FFB, provide their customers with access to savings deposit products listed on Deposit Solutions’ open banking platform.

The company’s unique Deposits-as-a-Service model: help banks to easily connect to the platform and gain access to deposit funding from the clients of other Points-of-Sale without having to set up and operate their own deposit infrastructure for these customers. As part of its service, Deposit Solutions operates ZINSPILOT and Savedo as its own proprietary Points-of-Sale, which market the deposit offers of its partner banks directly to savers.

Founded in 2011 in Hamburg, Deposit Solutions is a FinTech company with an Open Banking platform for deposits. This technology provides an infrastructure for global $50 trillion deposit market that benefits banks and savers alike. It has additional offices in Berlin, London, Zurich, and New York and employs a team of over 300.

 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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