At BinckBank, each account had its own associated contact details. A client could have, for example, a self-managed trading account with a work email address and landline phone number registered, a separate IAM account with a personal email and mobile phone number, and yet another account with a different IAM and a third email (and phone number) associated.
This is different at Saxo: each person exists under a centralised contact ID. This “contact card” contains all contact details, such as email, phone number, address and other personal data.
Client IDs (also called counterpart IDs) are then linked to the contact ID. This means that each person can only register one email address and one phone number with Saxo, which are used across all of that person’s accounts—self-managed accounts and/or IAM accounts.
The shared contact card also means that if, for example, the client (or the IAM on the client’s behalf) requests a change of email address or phone number, the email/phone number will be updated on all accounts under the client ID.
The below graphic explains these differences in the way contact details are stored.
Common reasons for a mismatch in the contact details you expected to see in SaxoConnect (e.g., if different from your Binck details or from the information you submitted during migration):
- The client has requested to change the contact details for a direct account
- The client has another account with another IAM who has requested a change on the client’s behalf
Ultimately, the end client has to decide which contact details should be used as the “contact card” (which will show the same personal details and contact details across all accounts that he/she holds with Saxo).
Important to remember: ONLY personal details (such as address) and contact details are shared across a client’s accounts, as that is the information stored in the centralised contact ID. You do not have to worry that, for example, transactions, reports or other trade-related information are visible to anyone other than you or the end client.
To change his/her password, a client needs to use the email and mobile number registered under the contact ID and the same email and phone number can be used to reset all account-specific user logins.
What about corporate and joint accounts?
Joint accounts function like two “single clients” linked together, so each of the joint account holders will have their own contact ID where their personal data is stored. Each joint account user will have a separate login ID which is linked to their individual contact ID. When resetting a password, each account holder uses his/her own email and phone number.
Corporate accounts work similar. Corporations (legal entities) have an organisaton ID in Saxo´s system, which is the equivalent of a contact ID for an individual person. All the company data (address, VAT number, LEI, etc.) is stored under the organisation ID. A client ID for a corporate client never works as login; instead, each “authorised login” (i.e., individual user) on the corporate account receives a personal login ID. Just like with joint accounts or individual accounts, each authorised login is linked to a contact ID for that individual person, and the contact ID is used with any other accounts that person may have with Saxo.
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