Bank deploys Raisin’s custom CD software to expand clientele
Fintech Raisin and MapleMark Bank of Dallas-Fort Worth and Tulsa today announced their cooperation to make Raisin’s patented term deposits technology available to MapleMark Bank clients. By integrating the Savings as a Service software, MapleMark will become the first Raisin U.S. partner bank to offer clients unique term deposits that can be dynamically personalized to individual client needs (https://maplemarkbank.com/certificates-of-deposit/).
The partnership with Raisin will allow MapleMark Bank to cater to a larger audience beyond its existing private banking base. The digital experience lets affluent investors access customized certificate-of-deposit products, as a step towards a state-of-the-art digital banking experience for this segment. The new technology renders instantaneous and simple what was previously a long, intricate, and thus expensive process for bankers and customers alike. Without Raisin’s software these deposits could require clients to open multiple unrelated banking products in order to achieve their cash savings goals.
Raisin’s Savings as a Service software enables the bank and its clients to input a range of personalized needs for a term deposit, including a schedule with expected outflows. They can also select a market-linked option for participation in potential market upside, with the protection of a time deposit. They then generate the term deposit immediately. Clients investing in Raisin-built term deposits with MapleMark will have a spectrum to choose from, including liquidity and ladder, along with market-linked products.
MapleMark CFO Willy Wolfe explains, “Raisin’s technology enables MapleMark to bring a real innovation to our clients, and in fact to expand our reach to new banking customers. Being able to generate cost-effective individualized deposit products at the click of a button advances MapleMark’s digital positioning in a highly competitive field, while also simplifying funding for the bank. The Raisin solution is a win-win for clients and banks alike.”
“At once traditional and cutting edge, MapleMark Bank has been an ideal partner for Raisin to launch our Savings as a Service software. MapleMark both provides the type of private banking that technology can now make available to a broader swath of clients, and represents the quintessential financial institution based on service, trust, and relationships, ” says Raisin U.S. CEO Paul Knodel, “While enabling the bank to take this innovative step, the Raisin solution also improves customer experience and optimizes their liquid investments, helping to strengthen the bank’s core mission on both fronts.”
Over 100 years old, MapleMark Bank specializes in banking services for high net worth individuals, family offices, middle-market companies, and boutique private equity groups. Raisin, with headquarters in Berlin, and locations in Frankfurt, Manchester, and Madrid, launched its U.S. operation in 2020 in partnership with Raisin Technology, and is based in New York.
A trailblazer for platform banking and banking-as-a-service, Berlin-based fintech Raisin was founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Launched in 2020, Raisin U.S. provides American banks a unique time deposits software solution. Raisin’s European platforms are breaking down barriers to better savings for European consumers and SMEs: Raisin’s marketplace offers simple access at no charge to attractive and guaranteed deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios and pension products. Since launch in 2013, Raisin has placed 32 billion USD for 335,000 customers in 30+ European countries and 104 partner banks. Raisin was named to Europe’s top 5 fintechs by the renowned FinTech50 listing in 2019 and 2020, to CB Insights global Fintech 250 list, and is backed by European and American investors such as btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Ventures and Ribbit Capital. Raisin UK in Manchester, banking-as-a-service provider Raisin Bank in Frankfurt, Raisin Pensions, and Raisin Technology all belong to the Raisin group.
MapleMark Bank provides Commercial and Private Banking, Treasury and Digital Services to businesses, entrepreneurs, professionals and families. In addition to in-person banking services at its headquarters in Dallas, Texas, and premier banking site in Tulsa, Oklahoma, MapleMark Bank offers digital first solutions to better serve a growing geographic footprint. Visit MapleMarkBank.com for more information.