Tuesday, July 7, 2020

Solarisbank wins with Otto as a customer

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The offer can only be viewed online. The Solarisbank should take over the authentication check.


(Photo: dpa)

Berlin In the midst of the corona crisis, Solarisbank announces a new partnership: German fintech, which belongs to the Berlin Finleap universe, will in future take over the legitimacy check of traders at the online marketplace “Otto Market”.

“This is an exciting project for us. We see it as proof that the solution that we have built for the identification of business customers is relevant not only in the financial services sector, but also in the retail sector, for example, ”says the head of the Identity business unit at Solarisbank, Delia König, in one Interview with the Handelsblatt. “The Otto Group benefits from process savings. We can map high volumes and realize scaling effects, ”explains König.

With the marketplace, the Otto Group is pursuing ambitious goals. This became clear at a press event in early April. According to Robert Schlichter, head of partner management at Otto, the marketplace currently comprises around 500 partners.

“Due to the automated connection in the self-service, we expect at least 1,000 additional partners in 2020”, said Schlichter.

In the past, it sometimes took several weeks for retailers to sell their goods on the marketplace. Now it takes a maximum of two to three days, sometimes only two hours, for the registration formalities to be completed and the dealers to be able to take action.

The accounts of the marketplace traders are managed by Hanseatic Bank, an Otto subsidiary. “We really appreciate the combination of technology expertise and fully regulated institute at the Solarisbank,” says Hanseatic Bank Managing Director Detlef Zell. The project was “set up and implemented extremely quickly”.

Basically, the Solarisbank fulfills two essential tasks. First, it checks whether the interested dealers meet the criteria specified by Otto. On the other hand, the bank carries out a legitimacy check on the traders.

The so-called know-your-customer (KYC) process should ensure that the identities of the dealers are established and money laundering activities are prevented. The Bafin financial regulator pays particular attention to this area.

In particular, the focus is on compliance with the regulatory requirements that Solarisbank implements as an external service provider for Hanseatic Bank. After the traders have been identified, Solarisbank keeps their customers up to date on changes to data that can be seen in the commercial register, for example.

More: Fintechs: That could be the crisis winners and losers.

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