New platform of Alior Bank and its partners enables truly open banking
15 Jun 2018
During the Impact’18 conference in Cracow, Alior Bank announced the inauguration of a pan-European collaboration with Raisin, solarisBank and Mastercard. Together they will create a new financial platform based on an open API model, which will allow their clients to benefit from truly open banking. The product will be available for all EU residents with a focus on the German market during the first phase of the project. From the technological side, the project is implemented by Efigence – a long-time technology partner of Alior Bank.
The new EU directive PSD2, which has been in effect since January, has made the financial services market more open and transparent. Third-Party Providers (TPPs) can now provide basic banking services such as showing account statements and account balances as well as making money transfers. Alior Bank has decided to go beyond simply meeting PSD2 requirements aiming at taking on the role of a services integrator among different financial products providers. In this way Alior Bank will seize the opportunity to use an open banking model in order to create new solutions and services in collaboration with fintechs. To this end, Alior has entered strategic partnerships with Raisin, solarisBank and Mastercard to build a pan-European digital bank for retail customers and freelancers. This innovative concept builds on the idea of establishing a bank which creates financial products by bundling best-in-class services offered by different fintechs and financial institutions.
The new offering, which is planned to be launched in Q4 of 2018, will be built on the strengths of all partners: Alior will deliver multicurrency accounts with international transfers and deposits. solarisBank will add the banking infrastructure with its technological, compliance and regulatory framework, whereas Raisin through its network of partner banks is adding various savings and investment possibilities to the offering. Mastercard’s Benefit Optimization programme will be used to offer additional value-added services for the customers.
“Thanks to this platform, customers will be able to access the best of each collaborator’s offer in a fast and efficient way. For example, a customer in Germany, while opening an account with solarisBank, will instantaneously gain access to a multicurrency account with Alior and to Raisin’s savings products. Thanks to the cooperation with Mastercard on the other hand, customers will be able to buy additional value-added services that will facilitate clients global lifestyles. This is our first cross-border collaboration of this extent and it is a very challenging project at the same time, because it puts a bank in a totally new position” said Daniel Daszkiewicz, Head of FinTech, Alior Bank.
“We are happy to announce our partnership with Alior Bank, that will enable customers to benefit from the most attractive interest rates,” said Katharina Luth, Head of Europe at Raisin. “Alior Bank is a great partner for us since they also believe in providing services on a pan-European scale and in providing an open banking platform”.
“The new platform – for which solariBank will provide the infrastructure for accounts and transactions – is an exciting step to build a digital, financial ecosystem for Europe” said Marko Wenthin, Co-founder and CCO of solarisBank. “Moreover, this partnership with such an innovative financial institution proves to us the success of our banking-as-a-platform approach.”
“Open banking has many definitions, but we believe it is an opportunity for a wave of new, innovative offerings that simplify the life of consumers. Mastercard is committed to providing not only flexible components to fit various segments of customers, but more importantly provides a platform bringing the choice of benefits into the hands of consumers. Combining it with our innovative technology of multicurrency cards and mobile payments we are happy to be a partner of Alior Bank” said Aleksander Naganowski, Director, Business Development, Partnerships and Innovation Poland, Mastercard.