Raisin and PROCHECK24 roll out new deposits solution for German financial institutions

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Raisin recently announced a new partnership with German B2B financial product broker PROCHECK24 in a bid to develop a hybrid approach to embedded finance. Deposit products from Raisin’s European partner banks are integrated into its German savings marketplace WeltSparen, then via PROCHECK24 into the broker’s bank partners, where they become available to those banks’ retail customers.

PROCHECK24’s system aims to boost household finance comparison and brokerage platform in Germany for its B2B clients, connecting them to a range of 3rd-party insurance products, loans, current accounts, and credit cards along with utilities contracts.

PROCHECK24 CEO Daniel Hering said, “We’re proud to have secured Raisin as a market leader for this novel type of cooperation. Together we’re driving the concepts of platform economy and “embedded finance” forward from a business standpoint and have generated real value in the retail banking product sector. The extensive experience we gained in the new product process with Sparkasse Bremen, one of the top ten German Sparkasse banks, is particularly exciting for future bank cooperations. This is cost-effective and saves time during implementation. At the same time, the solution fits seamlessly into the ‘Look & Feel’ and brand world of banks and financial service providers.”

PROCHECK24 collects and transfers all customer data to Raisin. On the other hand, all customer investment transactions are likewise transferred from Raisin by PROCHECK24 to their FSP client, which can react by providing their end customer with targeted and timely advice based on those transactions.

Recently, Spanish financial resource platform Finect launched a partnership with Raisin in a bid to enable the former’s customers to access around 60 deposit products from across Europe.

Benedikt Voller, Raisin Vice President for Business Clients and Partnerships said, “Banks and their customers will benefit from our new distribution partnership with PROCHECK24. With Raisin’s German offers, banks and financial service providers can offer individually attractive options and retain customers, while also reducing their cost pressure and generating commission income from brokering over the entire investment period. Our aim is to significantly expand our sales activities through this smart partnership.”