Saxo Bank announces open banking partnership with Mastercard

By Gloria Methri

Saxo Bank and Mastercard have partnered to implement open banking payments in the bank’s investment platforms, making it seamless for customers to transfer money into their investment accounts. Saxo Bank customers will no longer need to log in to a separate bank account to initiate a manual transfer into their investment account.

The Saxo Bank and Mastercard partnership is already enabling a better user experience. According to the bank, instant funding has improved since launch with around 20% of new funds coming through the new module when Saxo Bank customers add money or “top up” their investment accounts using open banking.

“We are thrilled to already see a positive impact on our customers’ experience as a result of our partnership with Mastercard and we are eager to explore more opportunities to innovate financial services experiences that can have a real impact on our growing client base and make it easier for them to become invested,” said Camilla Dahl Hansen, Global Chief Experience Officer at Saxo Bank.

“As one of the first movers in the industry to embed open banking payments, our extensive experience gives us a strong advantage as one of the most intuitive investment platforms out there.”

Bart Willaert, executive vice president of International Open Banking at Mastercard said, “Through our partnership with Saxo Bank, we are enabling simple, safe financial experiences for their customers powered by our open banking technology and leveraging the breadth of our global network to facilitate the bank’s expansion into new markets.”

Saxo Bank customers in Denmark can now top up their investment accounts using Mastercard’s open banking technology. The payments feature is set to be rolled out across additional European markets as a next step.

Mastercard’s open banking solutions enable the safe sharing of financial data between trusted parties to create more innovative financial services experiences, expand payment choice, provide insights to support financial well-being, enable secure payments, and support account verification and lending decisions – helping people, businesses and economies flourish in a more connected world.