If you are a European resident, given that Denizen EU will be the only entity providing the Denizen services in Europe, we will ask you to agree to the transfer of your personal data from BBVA to Denizen EU. This will allow us to continue providing you with the Denizen service. This doesn’t affect you if you are not residing in Europe.
The change of service provider will also bring new functionalities for your Denizen global account, such as the ability to pay your bills in the EU and US (if you also have an open US underlying account) via direct debit from your Denizen global account. This means that if you have an underlying bank account in Europe you will be able to use your IBAN to make payments on utilities, credit cards, mortgage loans, and basically any service that accepts SEPA direct debits.
Similarly, if you have a US underlying account, you will be able to use your routing and bank account number to make direct debit payments in the US.
Additionally, to avoid confusion with your Denizen balance we will no longer show the aggregate balance of all your linked accounts. We’ll keep Denizen transactions easily visible within the app, and you can visit your other banks to see transactions and balances for those individual accounts.
If you are not a European resident you will not be affected by the change of legal entity but you will benefit from the new direct debit functionalities that it will bring.