Banca Sistema and Deposit Solutions, the Open Banking platform for deposits, have announced an innovative partnership in the deposit business, with the aim of expanding and diversifying deposits on a European scale through various channels, without the need to adopt a retail infrastructure.
In fact, Open Banking takes over this activity, offering customers the possibility of accessing the deposits of several banks in Europe through a single account – including those of Banca Sistema – and of creating deposit portfolios. Banca Sistema will offer term deposits on multiple channels, including ZINSPILOT, the proprietary portal of Deposit Solutions and leader in the sector in Germany.
Gianluca Garbi, Chief Executive Officer of Banca Sistema, commented: “We are proud to continue to be innovators of specialty finance and to be pioneers in Italy in the adoption of this solution, which not only goes towards an ever greater diversification in the collection strategy of Banca, in line with our industrial plan, but also expands the offer to European customers. The agreement makes it possible to exploit the complementary nature of the Deposit Solutions model with respect to the traditional channels on which Banca Sistema already has a consolidated approach and to overcome the limits imposed on the protection of savings on a European scale through the recognition of cross-border deposits by local DGS.”
This agreement allows European citizens to choose a deposit offer from Banca Sistema, without physically having to open an additional account and benefiting from the guarantee of the Interbank Deposit Protection Fund.
“We are proud of the partnership with Banca Sistema, which combines one of the most recognized specialized operators in Italy with one of the fastest growing FinTechs in Europe” underlined Ermanno Ciarrocchi, Head of Italy and Malta at Deposit Solutions. “With Banca Sistema we share the vision of growth based on innovation, transparency and efficiency.”
Through its proprietary B2C online portals, ZINSPILOT and SAVEDO – which offer deposit products from partner banks directly to savers - Deposit Solutions has already brokered more than 8 billion euros in deposits and exceeded 135.000 active customers, a result that has made company one of the fastest growing FinTech companies in the world.
“Despite the current context of ample liquidity in the Italian banking sector – continues Ciarrocchi – many banks face a series of challenges such as the lack or onerousness of access to the capital markets – recently exacerbated by the steepening of the interest rate curve -, the need for term funding and the need to diversify funding from sources unrelated to the domestic market. We offer these banks access to a total audience of over 30 million savers on a European scale.”
