LONDON— A new agreement between Mastercard and a bank offers insights into the kinds of open banking relationships that are likely to become commonplace in the U.S. in the future.
Mastercard and Saxo Bank said they have partnered to facilitate open banking payments into customer’s investment accounts.
According to Mastercard, the partnership will allow users of Saxo Bank’s investment platform to transfer funds into their accounts using Mastercard’s open banking technology. The new feature no longer requires customers to log into a separate bank account to manually transfer funds into their investment accounts, Mastercard added.
“The feature is already live in Denmark, having already improved customer experience with 20% new funds pouring in when customers make transactions to their investment accounts through open banking,” Mastercard said. “The next step is to launch the open banking service in European markets.”
‘Simple & Safe’
Added Bart Willaert, executive vice president of international open banking at Mastercard, “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.”
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