German online retailer Otto selects solarisBank for merchant onboarding

Thursday 9 April 2020 10:13 CET | News

solarisBank, a technology company with a banking license, has teamed up with Otto GmbH & Co KG, Germany’s largest online retailer.

For the ‘OTTO Market’ marketplace, which will be launched in spring 2020, solarisBank will carry out the automated onboarding process of merchants as an external service provider for Hanseatic Bank, which holds the merchants’ bank accounts for the OTTO Market. With OTTO Market, Otto is further developing its digital business model by expanding its ecommerce business into an online platform for independent merchants. During this automation initiative, Otto and Hanseatic Bank now also rely on the services of solarisBank as a digital banking expert.

Within the framework of the digital and automated onboarding process, solarisBank will ensure both the identification of the merchants in compliance with Anti-Money Laundering regulations as well as the digital verification of all relevant documents. The cooperation has already been in testing in a closed beta phase since November 2019 and will open to further market participants at the start of the OTTO Markets.

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Keywords: Solarisbank, online retailer, Otto, Solarisbank, merchant onboarding, KYC, AML, Germany, partnership, automation
Categories: Payments & Commerce
Countries: Germany
This article is part of category

Payments & Commerce