Deutsche Bank and Deposit Solutions expand their partnership

Deutsche Bank and Deposit Solutions are announcing the expansion of their partnership in the deposits business. Deutsche Bank’s wealth management clients and branch customers are now able to access Deutsche Bank’s interest rate market place ‘ZinsMarkt’ through their personal advisors. Deutsche Bank currently serves more than 7 million private client customers under its central brand in Germany.

ZinsMarkt offers Deutsche Bank clients access to higher-interest deposit products from third-party banks across Europe. The underlying technology is provided by Deposit Solutions. Previously, ZinsMarkt had only been made available to Deutsche Bank’s online customers.

Dr. Tim Sievers, CEO and founder of Deposit Solutions, commented: “The expansion of ‘ZinsMarkt’ to Deutsche Bank’s branch and wealth management clients means platform banking has arrived at the very heart of the German banking sector. Deutsche Bank’s branch advisors and wealth managers will now be able to directly access products from our platform on behalf of their clients. This move will also allow our product banks to reach a new, attractive client segment.”

Dr. Markus Pertlwieser, Chief Digital Officer at Deutsche Bank Private & Commercial Bank, commented: “Our interest rate market place ZinsMarkt is a huge success and proofs our platform strategy right. Since its launch, our customers have deposited EUR 2,5 billion through our market place. It is time for us now, together with Deposit Solutions, to make ZinsMarkt accessible to broader customer groups.”

ZinsMarkt currently offers 22 deposit products from French My Money Bank and German institutions pbb direkt and CreditPlus. In addition, two exclusive offers are available for branch customers. Further product banks are to follow in course of this year. Deutsche Bank also plans to make ZinsMarkt accessible to other Deutsche Bank Group customers in the future.

In addition to Deutsche Bank, more than 100 other partners from 19 countries use Deposit Solutions’ Open Banking platform to offer their customers attractive deposit products from third-party banks, or to make their deposit products available for distribution by third parties. So far, over 20 billion euros in deposits have been transmitted via the company’s platform.