Banca Ifis has signed an agreement with the European fintech Raisin, an open banking company and the leading pan-European one-stop shop for online savings and investments, thereby entering the German savings market.
From 16 July, Banca Ifis deposit accounts will also be available on the German platform WorldSparen.
“German savers have shown a high degree of interest in new investment opportunities across borders, taking advantage of the higher yields that Italy offers and demonstrating, during the pandemic, greater confidence in guarantees on European deposits”, comments Banca Ifis in a note.
The service will be supported by the open banking infrastructure and by the Raisin customer service: the offer will be dedicated exclusively to German savers.
Through this understanding Banca Ifis will be able to bring its offer of deposit accounts outside Italy, diversifying its funding also thanks to the use of an already operational retail infrastructure.
“We have decided to offer a new gateway to Banca Ifis deposit accounts with a cross-border operation which confirms our Group's ability to be once again an innovator in specialized finance”, he comments Luciano Colombini, Chief Executive Officer of Banca Ifis. “The agreement with Raisin will allow us to expand the number of savers, further strengthening our liquidity ratios through the use of a leading infrastructure in Europe for savings products and online investments, and at the same time to diversify the funding also on foreign markets thanks to new alternative channels to the domestic one”.
"By making Banca Ifis' deposit products available to German customers, we are happy to deepen the connection between the Italian and German markets and to expand the offer to savers, especially in the face of persistently low rates in Germany - he declared Massimo Monzio Compagnoni, Raisin Senior Associate Bank Partnerships -. Thanks to EU legislation, Raisin is able to provide a Schengen experience both to banks, to allow them to diversify their funding in other European countries, and to savers, so that they can look beyond their borders to choose deposits. By embracing the advantages of open banking technology and joining the Raisin market in Germany, Banca Ifis will be able to bring the advantages of cross-border finance back to Italy".
