Denmark-based Saxo Bank has announced its partnership with Mastercard in order to implement Open Banking payments in its investment platforms. Following this announcement, the companies will focus on making the process of transferring money into investment accounts more efficient and secure for the bank’s customers and clients.

Furthermore, Saxo Bank’s users no longer need to log into a separate bank account in order to initiate manual transfers into their investment accounts. Customers in Denmark have the possibility to top up their investment accounts by leveraging Mastercard’s Open Banking technology. The payments feature will also be rolled out across additional European markets in the future, as a next step in the companies’ development process.

The Open Banking solutions offered by Mastercard enable users to benefit from the safe sharing of financial data between trusted parties, in order to design more efficient and secure financial services experiences, provide insights to support financial wellbeing, expand payment choice, enable secure payments, as well as support account verification and lending decisions. The overall aim is focused on improving the manner in which individuals, businesses, and economies develop in a more connected world. According to the press release , instant funding has improved since the partnership, with around 20% of new funds coming through the usage of the new module, when the clients of Saxo Bank add money or use Open Banking in order to `top up` their investment accounts.  Mastercard’s recent partnerships and collaborations Payment-processing corporation Mastercard had multiple deals and collaborations in the last couple of months, covering several different geographic areas around the world.

In September 2023, the company announced its collaboration with UK-based fintech Paysend in order to augment cross-border payments for small and medium-sized enterprises (SMEs) that were looking to pay vendors across the globe in a quick and secure manner. The two companies aimed to give SMEs the capability to send and receive payments to and from a range of developed and emerging markets, in a fast way, 24/7 and 365 days a year. The joint from the two firms was called the Open Payment Network and it was developed to orchestrate end-to-end payment flows, from initiation to settlement.

This focused on allowing near real-time payments through connections with local network collaborators and instant payment schemes. Earlier in the same month, procurement and supply chain AI-driven software provider company GEP signed a strategic deal with Mastercard to embed its virtual card technology for improved B2B payments. Following this announcement, the firms aimed to simplify the commercial payment experience within the GEP SOFTWARE platform by using Mastercard’s virtual card tech.

GEP was set to embed Mastercard’s virtual card platform into its procure-to-pay (P2P) ePayables service in order to allow medium and large-scale enterprises to manage all B2B spending within the technology platforms they were currently using. .