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- New patent covers technology that lets customers individualize banking products
- Fintech’s partner MapleMark Bank is the first bank using the patented solution to modernize classic savings strategies
- Current low interest rates and economic uncertainty highlight appeal of laddering and other strategies to optimize yield
Fintech group Raisin DS has been awarded its third patent (USPTO: 11,113,762) by the United States Patent and Trademark Office for the company’s innovative approach to cash management. The Raisin U.S. Savings as a Service solution automates savings strategies, allowing banks and their customers to build all-digital deposit products that can be customized in real time with no operational overhead or cost.
New patent protects feature that customizes and simplifies strategies like CD ladder
The first bank to integrate the Raisin U.S. solution, MapleMark Bank, uses the patented technology to offer its customers fully digitized Certificates of Deposit (CD) strategies, including a CD Ladder product (https://go.maplemarkbank.com/cd-ladder). By simultaneously opening and managing individual certificates of deposits with varying maturity dates, the ladder strategy allows a depositor to take advantage of higher interest rates on longer-term deposits, while still giving them regular access to a portion of their cash. With Raisin U.S.’s technology, MapleMark Bank simplifies and automates this strategy for the consumer for the first time.
Digitized and automated: Up to five deposits now in a single, flexible product
The Raisin U.S. CD portfolio patent forms a central part of the MapleMark Bank automated CD Laddering solution, which builds the ladder deposits not as separate accounts but as one product that a customer can individualize and test digitally before finalizing. By simplifying the account opening and management process to such a degree, Raisin and MapleMark Bank have created unprecedented access to the ladder as well as other strategies.
“Following the disappointing August jobs report, expectations are that the Fed will keep interest rates low in the longer-term – and this, at a time of uncertain economic forecasts. Between that uncertainty and sustained low rates, investing strategies like the ladder stand out,” Raisin U.S. CEO Paul Knodel explained. “Such a drawn-from-life approach provides clients an opportunity to benefit from better, longer-term returns. With the range of terms, depositors don’t have to tie up all their cash in long-term products, or in a potentially erratic market, to get a good yield. The Raisin DS Savings as a Service technology increases banks’ operational efficiency while making the best savings strategies easy to access and available for everyone.”
“The MapleMark Bank automated CD Ladder brings one of the smartest saving strategies we have into the modern era of digital banking. We’re proud to be the first U.S. bank to bring this innovation to American consumers. We have a range of options our clients can choose from including 3-, 4-, and 5-year Ladders, each of which is broken down into 3, 4, or 5 CDs packaged into one simple product. The technology creates efficiencies that enable us to offer some of the most competitive interest rates in the country, from 0.6% on the 12-month CD to 1.1% on the 60-month CD,” said MapleMark Bank EVP and Chief Deposit Officer Greg Lewis.
The patent covers new features of the technology, specifically the software’s dynamic customization function, which enables users – either banks or their customers – to input an array of variables to shape a time deposit, including a laddered product or portfolio. Using the software, they can first test inputs, including varying their dollar amounts, terms, interest rates, and desired outflows, in order to optimize the customer’s deposit product to their specific needs and wishes. The software, developed by another member of the Raisin group, Raisin Technology, then allows the bank or customer to finalize their individualized product with a simple click. All processing is completely automated.
About Raisin DS
Raisin DS is a trailblazer for open banking in the deposits and investments space, with B2C platforms across Europe as well as in the U.S. under the brand SaveBetter. Launched in 2020, Raisin U.S., Raisin DS’s B2B US subsidiary, introduced the first product innovation to the U.S. deposits space in generations, a patented software solution building customized time deposits. Raisin DS provides an open banking infrastructure for the world’s $50+ trillion deposit market that benefits banks and consumers alike. For savers, it means more product choice and decision power. Customer-facing institutions like banks benefit from best-in-class savings marketplace solutions for their own customers, and deposit-taking banks receive better access to deposit funding. Now servicing over 550,000 direct customers in partnership with ca. 400 financial institutions, the company is backed by renowned investors such as Goldman Sachs, Deutsche Bank, Index Ventures, PayPal Ventures, Greycroft, Headline/e.ventures, Thrive Capital, Top Tier Capital Partners, Ribbit Capital, and Vitruvian Partners. Raisin DS was formed by a merger of German FinTech companies Deposit Solutions and Raisin in June 2021.