Fintech Raisin has announced a new partnership with Santander Spain with an “Open Banking Agreement” which allows customers to authorize the bank to share with Raisin defined data for the registration process, including a customer’s name, date of birth, ID or contact details. Thus, registration for Raisin’s services will be simple and fast.
Open Banking puts data and decisions back in the hands of consumers. Under Open Banking rules, financial service firms no longer decide who or what can access the information. Nor can they sell it to the highest bidder. Raisin utilizes an API to facilitate consumer choice for their service which allows savers to select a higher interest rate for their money. Currently, Raisin works with over 60 member banks across Europe offering a wide range of terms and higher interest rates.
Regarding Santander, now Spanish consumers have access to more products to earn more from their savings.
Additionally, all deposits invested through Raisin are protected by the respective national deposit guarantee funds of up to € 100,000 per bank and per customer, as specified in the EU guidelines.
“Our cooperation with Santander in Spain represents not just a relationship of trust between one of the largest, multi-national banks in the world. It also shows how big banks and fintechs can combine expertise to provide greater benefits and increase value for customers,” said Raisin CEO Dr. Tamaz Georgadze.
David Jimenez Maireles, Raisin Country Head for Spain, said the partnership with Santander is indicative of their advancement with Open Banking and PSD2’s potential for Fintechs.
“We’re glad that Santander has chosen Raisin as the first fintech to use their newly-created API marketplace. With this collaboration Santander customers can register even faster and more easily by using the Santander Connect button.”
Since launch in 2013, Raisin has brokered €10 billion for more than 160,000 customers in 31 countries.