Deposit Solutions launches on U.S. market

Hamburg's open banking specialist launches "SaveBetter" portal
01 October 2020
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The Hamburg-based Deposit Solutions launched its deposits platform in the United States on Tuesday (September 29, 2020) and is introducing the new savings portal, a press release said. The portal offers U.S. banks national reach for distributing their retail deposit products and gives Americans improved access, greater choice and and more convenience when shopping for savings products. The platform is the only one its kind in the U.S. and marks an innovation on the local deposit market which is worth USD 16 trillion. 

New infrastructure for global deposit business

Retail deposits are a key source of fundingfor U.S. banks, as they show many positive behavioral characteristics such as granularity and stability. Deposit Solutions provides a full-service solution for retail deposits by managing the operational execution of the entire deposit-taking process including marketing and customer service. Commenting on the launch in the U.S., Dr. Tim Sievers, CEO and founder of Deposit Solutions, said: "We are reaffirming our ambition to provide a new infrastructure for the global deposits business with the launch of our U.S. platform. We are proud to be the first company to operate a deposit platform both on the European and American continents." He added: "Of course, the launch of is just the beginning. We now plan to expand the product offering on the platform, win additional partners and bring our vision – of an open deposit market that benefits both banks and savers – to life in the U.S.”

Savings accounts and timed deposits

Peter Thiel, joint founder of PayPal and early investor in Deposit Solutions, noted: “America has a huge deposit market and a mature deposit brokerage industry. The arrival of Deposit Solutions in the U.S. brings an exciting innovation to this market. Deposit Solutions can do for the deposits business what PayPal did for the payments space.” The Continental Bank from Salt Lake City, Ponce Bank from New York and the Central Bank of Kansas City are among Deposit Solutions' initial partners in the U.S. More are expected to follow shortly. is offering savings accounts to begin with and these will be complemented by bank Certificates of Deposit (CDs) in the near future. The funds transfer capabilities are being provided by the Open*CP API platform (Central Payments), a subsidiary of Central Bank of Kansas City.

Deposit Solutions

Founded in Germany in  2011 by Dr. Tim Severs, Deposit Solutions' European platform connects more than 150 financial institutions from 20 countries on two continents and reaches over 30 million savers. Deposits Solutions recently passed the USD 30 billion mark for brokered deposits. The company also markets its partner banks' deposit products to savers in Europe and the U.S. through its subsidiaries Zinspilot, Savedo and Save better. Apart from its headquarters in Hamburg, Deposit Solutions has offices in Berlin, London, Zurich and New York. The company's shareholders include leading tech investors such as, Vitruvian Partners, Greycroft, FinLab, Kinnevik, Peter Thiel, Top Tier Capital Partners, the angel investor Stefan Wiskemann and, since autumn 2019, Deutsche Bank AG.