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In June, Sweden’s Klarna, one of Europe’s biggest fintech companies, and UniCredit-owned HypoVereinsbank, both announced plans to distribute deposits through Berlin-based Raisin’s WeltSparen platform.
Previously, in April, Deutsche Bank started distributing other banks’ deposits to its wealth management and branch customers using the Deposit Solutions platform.
As open banking and the distribution of third-party deposits by banks becomes more common, what are the implications for central banks, especially as negative rates become ever more entrenched?
Unfortunately, it’s not all encouraging.
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