Open Banking: Danske Bank UK Taps Aiia to Introduce Multi-Banking for Businesses

Northern Bank Ltd, doing business as Danske Bank UK, is confirming that it has teamed up with the European Open Banking platform, Aiia (acquired by Mastercard) to provide digital solutions to help its 20.000+ business and corporate clients via its business banking platform, District.

The partnership should give Danske Bank UK’s clients a simple approach to managing company funds in one place and remove challenges from switching between business banking platforms to obtain a complete overview of their financial status across multiple banks.

The updated feature ‘Accounts from other banks’ utilizes Open Banking and offers financial transparency for business clients. In the weeks ahead, Danske Bank will reportedly be piloting this feature with businesses interested in using the product extension.

The partnership opens up for a new market entry for Aiia, which will be focusing on empowering the UK and Ireland with their privacy-oriented approach to Open Banking.

At present, the Open Banking platform connects to over 3,000 banks across Europe and the United Kingdom has been identified as an important market in Aiia’s expansion plans for 2022.

David Thompson, Head of Digital Channels of Danske Bank UK stated:

“We’re delighted to sign this agreement with Aiia, which will allow us to deliver innovative digital solutions for our customers. Many of our business customers use more than one bank and they have told us it’s difficult to overview all their accounts and transactions. In response to this feedback we’ve developed “Accounts from other banks”, which enables businesses to view accounts and payments across banks in a single view in our business banking platform, District. Partnering with Aiia in the UK was the natural choice for us, as they’ve shown full commitment to building a secure and compliant platform through a quality driven approach.”

Jonas Vogt Rasmussen, Head of Banking at Aiia, remarked:

“We’re happy and honored to empower Danske Bank UK and enable the bank to enhance user experience for their business and corporate customers. With Aiia, Danske Bank starts by solving the inconvenient and time-consuming affair for multi-banked businesses of switching between different banking platforms to get a complete financial overview. The solution will be a one-stop shop for businesses and shows exactly that the core of open banking and the future of financial services is about delivering convenience on a day-to-day level. Yet again, Danske Bank proves that they’re at the digital forefront of banking innovation.”

In the foreseeable future, Danske Bank UK intends to integrate Open Banking payments, and make these features available to their retail clients as well as power various other use-cases with the financial data-sharing method.



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