Raisin and Santander Spain announce Open Banking tie-up

Source: Fintech Finance

Santander Spain customers can register using the Santander Connect button, which facilitates registration at Raisin.

Raisin today announced an Open Banking agreement with Santander Spain that allows customers to authorize the bank to share with Raisin defined data for the registration process, such as the customer’s name, date of birth, ID or contact details. Thanks to this collaboration, the registration process for Santander customers to access Raisin’s products through the “Santander Connect” button will be easy and simple. Santander begins to offer the advantages of PSD2 to its customers.

Raisin defines the new reality of API-based Open Banking with more than 60 member banks across Europe offering a wide range of terms and higher interest rates. In this way, Spanish savers can find the right product for them and earn more from their savings. All deposits invested through Raisin are protected by the respective national deposit guarantee funds of up to EUR 100,000 per bank and per customer, as specified in the EU guidelines. For Raisin, based in Germany and launched in 2013, the partnership with one of Europe’s largest banks is an important signal.

“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.

“Through our partnership Santander continues to advance its open banking strategy and take advantage of PSD2’s potential by partnering with FinTechs to help its customers to get access to innovative and secure products. 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,” adds David Jimenez Maireles, Raisin Country Head for Spain.