BinckBank to Disrupt Dutch Savings Market with Raisin Partnership
BinckBank N.V. is poised to disrupt the Dutch savings market as the online bank will be the first to offer its clients access to European savings products via a partnership with Raisin. BinckBank serves more than 614,000 account holders with assets of € 22.7 billion as of December 31, 2016.
Today, BinckBank launches its new product labeled “Binck Savings” or Binck Sparen in Dutch. This service enables Dutch savers to deposit funds with selected European partner banks that offer superior interest rates on their term deposits. Customers can directly deposit funds online via a single account at Binck Savings. Raisin is a Fintech platform that eliminates the arbitrary geographic barriers for savers to earn higher interest rates on their cash accounts. No longer do savers need to be content with the low rate of return provided by their corner bank.
“Binck Savings is a perfect alternative for the saver struggling with the current low interest rates,” said Vincent Germyns, CEO of BinckBank. “with our new savings platform, Binck offers a unique product for this group that is increasingly looking for a higher interest rate compensation on their savings.”
Tamaz Georgadze, Raisin’s CEO and founding member, said they are proud of their cooperation with BinckBank in the Netherlands. Now, Dutch savers will “be able to access the best products across borders.”
Raisin has previously integrated its services, via an inhouse API, with other third parties.
In 2017, German digital challenger bank N26 was the first to integrate Raisin’s service. Raisin says that more partners will follow soon.
Raisin is also the first company that was authorized to join BBVA Connect – a service that allows its customers to access third party services by using their existing login credentials. Raisin is also currently testing single sign-on access for German customers with Verimi.
Raisin launched its first marketplace for savings products in 2013 in Germany. Since then, more than 100,000 customers have invested over €5 billion with 41 partner banks.
Raisin.has localized platforms for Germany, France, Spain, and Austria. All deposits held with partner banks of Raisin are guaranteed up to EUR 100,000 per saver and bank by national deposit guarantee schemes in accordance with EU directives.