Open Banking: Hypothekarbank Lenzburg is a partner bank of Savedo
Savedo is the name of the new open banking platform for fixed-term deposits. Hypothekarbank Lenzburg AG operates as a transaction bank and also provides its own investment products.
On the new Savedo platform, private investors will find a digital offering for fixed-term deposits with attractive interest rates. The platform is operated by the global fintech company Deposit Solutions. Savedo's transaction bank is Hypothekarbank Lenzburg AG. Finstar®, the core banking system of Hypothekarbank Lenzburg, serves as the settlement platform. Account opening is done digitally, and customers can identify themselves at a post office branch.
For private investors who register on Savedo, Hypothekarbank Lenzburg opens an account through which transactions for Savedo products are processed. For the purchase and sale of the investment products, Hypothekarbank Lenzburg bundles the funds of the individual clients in a transit account and transfers the bundled amount from there in the name of the clients to an account of the respective product bank or issuer of the investment product. In addition, Hypothekarbank Lenzburg offers products on Savedo itself: One time deposit each with a four-year and seven-year term.
"Since we are technically already compatible with the European open banking standard as required by the PSD2 payment services directive, we were able to integrate the Deposit Solutions platform into our system relatively easily and adapt it to the Swiss payment systems. The digital ecosystem around our open Finstar platform has thus become richer by a valuable member with a lot of experience in the fintech sector," says Marianne Wildi, CEO of Hypothekarbank Lenzburg.
"Thanks to our open banking innovation, the Swiss deposit market is finally revitalized and an alternative is created for the Swiss private investor. We are delighted to have gained a partner bank with great digital expertise in Hypothekarbank Lenzburg," says Thomas von Hohenhau, Chief Client Officer and Managing Director of Deposit Solutions Switzerland.