Dubai: DepositBook, a UK and Dubai based Fintech has entered into an agreement with FIS, a global leader in Financial Services Technology, to offer corporate and institutional clients access to complimentary deposit products through DepositBook’s online platform.
The wholesale (high value) deposit market (a USD 21 trillion industry) has remained largely untouched by the FinTech revolution, but now DepositBook is creating a global, cross-border marketplace by connecting banks with corporate and non-bank institutional depositors using advanced technologies and transaction processing structures in their online platform.
“We help banks reduce their cost of funds and diversify their customer base by bringing new clients from outside their existing coverage area. Clients such as large corporates and fund managers can use the platform to discover attractive rates and facilitate transactions through one central account, doing away with the need for onboarding with multiple banks.
“Working with FIS will significantly accelerate our growth and provide value to FIS customers” said Sid Bhandari, Founder & Director of DepositBook.
Mike Vogel, Vice President Product Management commented “It is our mission to bring modern and synergistic deposit solutions to our clients”.