W.UP is now a member of Five Degrees’ Open Banking Marketplace, bridging the world of banking and the fintech ecosystem.
Amsterdam-based Five Degrees has been at the forefront of digitalisation in banking since its foundation in 2010. The company’s digital banking solutions help financial service providers, disruptors and incumbents alike, create truly customer-centric, more profitable and agile organisations. Their clients include Luxembourg-based central securities depository Clearstream, prominent Icelandic bank Arion Banki and the Netherlands’ oldest independent bank, Van Lanschot.
But that’s not all. Five Degrees’ open banking marketplace is a collection of best-of-breed third-party solutions for better customer experience, efficiency and compliance.
“Marketplace banking has the potential to deliver an interconnected financial services industry where banks can get closer to their small business customers,” Peter-Jan Van de Venn, Five Degrees’ chief compliance officer explained earlier on Fintech Futures. He continued: “We believe the banking industry is moving towards a more interconnected model where banks will use the services of their competitors to fill gaps in their offerings.”
And with the looming threat of big tech, most lately Apple and Facebook, it had better. “There are more than 5,000 fintechs in Europe alone, all wanting a piece of the pie. The decisive factor for winning or losing this battle will be synergies with companies that offer cutting-edge services that complement banks’ capabilities, such as W.UP’s Sales.UP personalisation and analytics tool for Five Degrees’ digital core banking platform,” Remco Veenenberg, W.UP’s head of alliances said in welcoming the partnership.