Deposit Solutions launches on U.S. market

Retail deposits are a key source of fundingfor U.S. banks, as they show many positive behavioral characteristics such as granularity and stability. Deposit Solutions provides a full-service solution for retail deposits by managing the operational execution of the entire deposit-taking process including marketing and customer service. Commenting on the launch in the U.S., Dr. Tim Sievers, CEO and founder of Deposit Solutions, said: "We are reaffirming our ambition to provide a new infrastructure for the global deposits business with the launch of our U.S. platform. We are proud to be the first company to operate a deposit platform both on the European and American continents." He added: "Of course, the launch of SaveBetter.com is just the beginning. We now plan to expand the product offering on the platform, win additional partners and bring our vision – of an open deposit market that benefits both banks and savers – to life in the U.S.”

Peter Thiel, joint founder of PayPal and early investor in Deposit Solutions, noted: “America has a huge deposit market and a mature deposit brokerage industry. The arrival of Deposit Solutions in the U.S. brings an exciting innovation to this market. Deposit Solutions can do for the deposits business what PayPal did for the payments space.” The Continental Bank from Salt Lake City, Ponce Bank from New York and the Central Bank of Kansas City are among Deposit Solutions' initial partners in the U.S. More are expected to follow shortly. SaveBetter.com is offering savings accounts to begin with and these will be complemented by bank Certificates of Deposit (CDs) in the near future. The funds transfer capabilities are being provided by the Open*CP API platform (Central Payments), a subsidiary of Central Bank of Kansas City.
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