Danske Bank UK and Aiia to launch multi-banking for businesses and corporates across the UK and Republic of Ireland

By Joy Dumasia

Northern Bank Ltd, trading as Danske Bank UK, is announcing that it has partnered with the European Open Banking platform, Aiia (recently acquired by Mastercard) to deliver innovative digital solutions to help its more than 20.000 businesses and corporate customers through its business banking platform, District.

The partnership will give all of Danske Bank UK’s customers a hassle-free and simple approach to managing company funds in one place and remove obstacles from switching between business banking platforms to get a full overview of their financial situation across banks. The new feature ‘Accounts from other banks’ utilises open banking and provides real financial transparency for business customers. Danske Bank will pilot this new feature with businesses keen on using the new product extension in the coming weeks.

The partnership also opens up for a new market entry for Aiia, who will be focusing heavily on empowering the UK and Ireland with their high quality and privacy driven approach to open banking. Today, the open banking platform connects to more than 3,000 banks across Europe, and the UK is a key market in Aiia’s expansion plans for 2022.

David Thompson, Head of Digital Channels of Danske Bank UK, said: “We’re delighted to sign this agreement with Aiia, which will allow us to deliver innovative digital solutions for our customers. Many of our business customers use more than one bank, and they have told us it’s difficult to overview all their accounts and transactions. In response to this feedback, we’ve developed “Accounts from other banks”, which enables businesses to view accounts and payments across banks in a single view in our business banking platform, District. Partnering with Aiia in the UK was the natural choice for us, as they’ve shown full commitment to building a secure and compliant platform through a quality-driven approach.”

IBS Intelligence recently reported that Danske Bank, the leading bank in Denmark, brings the Danish domestic payment scheme, Dankort, to Apple Pay. This will enable Danske Bank customers to use their co-badged Visa/Dankort card in physical stores or online via Apple Pay.