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Raisin’s platform to enable cross border payments for Italian startup illimity

Simone Viganò, Director, Open Banking at Raisin

Italian banking startup illimity has partnered with Raisin to facilitate the availability of its deposit accounts across Raisin’s open banking platform. The partnership will also enable illimity to offer its deposit accounts through Raisin’s deposit portal WeltSparen.

According to the supplier, the partnership will eliminate illimity’s need for its own retail infrastructure, diversify and expand the bank’s retail funding and aims to strengthen ties between the European markets.

Simone Viganò, Director Open Banking at Raisin, explained: “The partnership with illimity reinforces Raisin’s strategy, which on the one hand has the aim of breaking down the barriers that savers and banks face in Europe and on the other of offering more competitive investments to savers. On the front line of the digital transformation of financial services in Italy, illimity is practical evidence of the way banks and fintechs can achieve success together”.

illimity’s cross border deposit account offer, through Raisin, will be addressed to German savers and will be extended to the rest of EU upon authorisation. Its domestic deposit account offer is expected to be available soon, concurrent with the launch of its new digital bank.

“Entering a strategic partnership on the deposit front with a top-rate fintech such as Raisin, just a few months after the business combination, is a source of considerable pride for us. And it also testifies to the high level of confidence placed in our banking start-up by a company which, like us, is deeply committed to innovation, efficiency and transparency. The partnership with Raisin will enable illimity to diversify its funding sources by means of a flexible and efficient tool, consistent with its business plan,” said Francesco Mele, illimity’s Chief Financial Officer & Head of Central Functions.

Recently, Raisin partnered with Greek bank Praxia Bank in order to expand its deposit offerings through WeltSparen(Raisin’s German deposits platform).

Formed in 2019 through the merger of Banca Interprovinciale and SPAXS, illimity is a banking start-up providing loans to SMEs and acquiring corporate NPLs.

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