Deposit Solutions co-operating with "Yes" identity service

11 April 2020

Hamburg-based open banking savings specialist adding identification service

The open banking pioneer Deposit Solutions announced Tuesday (July 2, 2019) its co-operation with Switzerland’s yes.com AG. Deposit Solutions enables banks and other partners to integrate its open banking platform into offers for customers and to build up their own interest marketplaces. Customers can then use savings products from selected third-party banks without opening a bank account with them. The yes.com identifies customers seamlessly by transferring Know Your Customer data between participating institutions using a qualified electronic signature.

Identification using bank inventory data

Daniel Goldscheider, CEO of yes.com, said: “Interest rate marketplaces are useful components of a strategy against low interest rates for both savers and banks. To create a qualified electronic signature (QES), we rely on convenient identification using verified inventory data of banks. This is an innovative approach to fulfilling the eIDAS regulation. We are therefore very pleased about the co-operation with Deposit Solutions.” Dr. Tim Sievers, CEO of Deposit Solutions, noted: “By co-operating with yes.com AG, we extend our offer with a simple and innovative solution. The more intuitive the interest market places of our partners are to use, the more successful they will be and, eventually, the more successful we are in establishing open banking as the industry standard in the deposit business.”

Simplified registration

A first use case is a simplified registration for interest marketplaces, which Deposit Solutions operates for itself and its partners. By integrating the service, customers can easily identify themselves by clicking on a button to use the platform.

Fintech hotspot Hamburg

More than 55 financial technology companies are based in Hamburg. Last year, they secured a total of EUR 236 million in venture capital, the Comdirect Fintech Study 2018) found. In addition to Deposit Solutions, the scoring company Kreditech, the credit comparison portal Finanzcheck.de and the crowd investment platform Exporo, which recently raised EUR 43 million in fresh capital, are among the major international players in Hamburg fintech’s scene. HafenCity is also home to the city’s first fintech hjub.
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