Openbank has announced its partnership with Upvest in order to deliver modern and optimised investing at scale for its customers.
Following this announcement, through the process of integrating Upvest’s Investment API, Openbank aims to strengthen its investment offer with a modern experience and deep localisation in the German market.
This initiative will enable Openbank to offer a comprehensive, digital-first product range, as well as a competitive user experience across all major asset classes to rival neo propositions. In addition, both institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the Openbank x Upvest partnership
According to the official press release, the migration of Openbank’s investment products to Upvest marks an important step in the latter’s enterprise readiness and its overall ability to support some of Europe’s financial institutions. At the same time, the partnership will start with fractional stocks and ETFs in the region of Germany, providing end users with the ability to invest with as little as 1 EUR.
This strategic shift will give Openbank the possibility to benefit from cost-efficient investment infrastructure and pass those savings to its end users through the process of offering low trading fees (only 0.20% of the transaction volume, starting from a minimum of 1 EUR) and no custody fees.
Furthermore, the collaboration underscores a growing trend among banks and financial institutions to move away from traditional providers and adopt API-first, modular investment infrastructures that support rapid development, cross-market scalability, as well as provide resiliency even during market instability. In addition, the initiative will allow Openbank to gain access to an end-to-end investment infrastructure that covers everything from brokerage, settlement, and custody to regulatory compliance, all through the use of a single API.
