The Raisin will offer open banking infrastructure and customer service to support the new service that enables Banca Ifis products reach German savers
Italy-based specialty financing firm Banca Ifis has entered into partnership with the Berlin-based fintech company Raisin, to begin its operations in the German savings market.
Under the current partnership, Raisin’s customers on German platform WeltSparen are allowed to choose Banca Ifis’ deposit products.
The open banking infrastructure and customer service offered by Raisin will support the new service, with the Banca Ifis products available exclusively to German savers.
Raisin bank partnerships senior associate Massimo Monzio Compagnoni said: “In bringing Banca Ifis’s deposit products to German consumers we’re expanding access to new offers for their savings, particularly relevant in the face of persistent low rates in Germany.
“Thanks to the European Union norms, Raisin has created a ‘Schengen experience’ for finance, enabling both banks to diversify their funding in other European nations and savers to look beyond their own borders for choosing deposits.
“In embracing the advantages of open banking technology and welcoming Banca Ifis to the Raisin marketplace in Germany, we’re able together to extend the benefits of cross-border finance.”
The partnership will help Banca Ifis expand its banking business into Germany
The partnership is said to enable Banca Ifis to extend its banking offers across borders and into Germany, diversifying its funding streams, thanks also to the use of an already operational digital retail banking infrastructure.
Banca Ifis is a specialty financing company that operates in the areas of business involving credit services and solutions for enterprises and acquisition or management of non-performing loan portfolios, with approximately 1.800 employees.
Established in 1983, firm does business without using traditional methods of maintaining branches, but by collecting funds through on-line deposits.
Banca Ifis CEO Luciano Colombini said: “We have decided to offer a new, qualified gateway to Banca Ifis’s deposit accounts with a cross-border operation which confirms our group’s position as an innovator in specialized finance.
“As a result of this agreement, we will expand our customer base of savers, further strengthening our liquidity ratios using leading infrastructure in European banking, as well as expanding our funding to include foreign markets with the new channels created by Raisin.”