European savings deposit marketplace Raisin has entered into an open banking partnership with Santander Spain.

The collaboration will enable Santander Spain customers to authorise their bank to share with Raisin defined data for the registration process. It will include sharing of customer name, date of birth, ID or contact details.

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The sharing will simplify and facilitate the registration process of Santander customers to access Raisin’s products.

Once complete, the customers will be able to access Raisin’s products through the ‘Santander Connect’ button.

Raisin CEO and founder Tamaz Georgadze said: “Our cooperation with Santander in Spain represents not just a relationship of trust between one of the largest, multi-national banks in the world.

“It also shows how big banks and fintechs can combine expertise to provide greater benefits and increase value for customers.”

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Santander Spain customers can now find the appropriate product with better savings rates.  All the deposits made into Raisin are protected by the respective national deposit guarantee funds of up to €100,000 per customer.

Additionally, the open banking partnership will enable Santander to offer the advantages of PSD2 to its customers.

Raisin Spain country head David Jimenez Maireles said: “We’re glad that Santander has chosen Raisin as the first fintech to use their newly-created API marketplace.

“With this collaboration Santander customers can register even faster and more easily by using the Santander Connect button.”

Through the API-based open banking system, Raisin works with more than 60 member banks across Europe.