Saxo Bank becomes Open Banking payments ‘first mover’

Customers of Denmark-based Saxo Bank will be able to use Open Banking payments to top-up their investment accounts, as a result of a new partnership with Mastercard.

By implementing Open Banking-powered payments in its investment platforms, Saxo Bank’s customers will no longer need to log into a separate bank account to initiate a manual transfer into their investment account.

Saxo Bank customers in Denmark can now top-up their investment accounts using Mastercard’s Open Banking technology, with the payments feature due to be rolled out across additional European markets.

According to Saxo Bank and Mastercard, 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.

Camilla Dahl Hansen, global chief experience officer at Saxo Bank, said its partnership with Mastercard has already had a “positive impact on our customers’ experience”, adding that “we’re eager to explore more opportunities to innovate financial services experiences that can have a real impact for our growing client base and make it easier for them to become invested”.

“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,” Dahl Hansen said.

“Through our partnership with Saxo Bank, we’re 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,” added Bart Willaert, executive vice president, international Open Banking at Mastercard. 

Listen to this episode of the Open Banking Expo Unplugged podcast in which Katharina Luschnik, vice president, head of payments solutions sales at Mastercard Open Banking – Europe joins Olga Karablina head of payment product development and financial partnerships at Ecommpay to discuss how to choose an Open Banking payments provider.