BNF Bank partners with Deposit Solutions to diversify its deposit funding sources

February 8, 2019
June 20, 2023
BNF Bank partners with Deposit Solutions to diversify its deposit funding sources

BNF Bank has signed a partnership with Deposit Solutions, a globally recognised fintech company, for the use of its Open Banking platform for deposits. The platform will allow the Bank to expand and diversify its retail funding sources across various channels, and on a European scale, without having to set up and operate its own deposit infrastructure.

These channels offer their respective clients the advantage of accessing the deposits of several banks - including those of BNF Bank - through a single account and to easily create portfolios of deposits. BNF Bank will offer fixed term deposits also on ZINSPILOT, the leading deposit platform in the sector in Germany.

Deposit Solutions' proprietary Open Banking technology provides an infrastructure for the global USD 50 trillion deposit market that benefits banks and savers alike. Deposit Solutions is already connecting more than 90 banks from 16 countries and additionally operates proprietary B2C points-of-sale (ZINSPILOT and Savedo) that market selected deposit offers of its partners directly to savers and that have already transmitted more than €11 billion of deposits.

With the growth of BNF Bank registering more than 25% on its balance sheet last year, and recognising the huge potentials of digital transformation, the Bank felt the need to innovate its systems to reach new capacities. "Through our partnership with Deposit Solutions, and by using their reputable technological platform, we now have the opportunity to enter and evolve securely into a new market segment with ease," said Michael Collis, Chief Executive Officer of BNF Bank. "This digital open banking solution will allow us to access attractive deposit products. The platform's efficient transmission mechanism will help us match demand with supply."

Recognition of BNF Bank's ambition to innovate its core products and services came through global banking analyst and periodical International Banker, which recently bestowed the Bank with the prestigious award of Best Innovation in Retail Banking Malta 2018

"We are delighted about the partnership with BNF Bank, which brings together one of the most renowned players in Malta with the leading solution provider for Open Banking for deposits in Europe." said Ermanno Ciarrocchi, Regional Director of Deposit Solutions for Italy and Malta. "With BNF Bank we share the vision of growth based on innovation and efficient solutions in financial services, and their adoption of our unique Banking-as-a-Service model for deposit is a testament to it."