Deutsche Bank has joined forces with Fiserv, a provider of payments and financial services technology, to offer payment acceptance and banking solutions in Germany.
The joint venture, to be headquartered in Frankfurt, will combine the Clover payment acceptance solution from Fiserv with Deutsche Bank’s integrated banking services.
It aims to enable small and medium-sized enterprises (SME) clients in Germany to sell their products and services across a full range of digital and in-person channels.
Fiserv EMEA head John Gibbons said: “Together with Deutsche Bank, we will be able to help small and mid-sized enterprises in Germany do business in new ways, bringing them a compelling combination of solutions and services to streamline their payment acceptance and banking capabilities.
“We look forward to bringing new solutions to merchants as they continue to advance their payment acceptance capabilities to meet changing customer expectations in a rapidly evolving post-Covid world.”
Deutsche Bank offers a broad range of financial services from payment transactions, lending, investment consultancy and asset management to a focused capital market business.
Together with its brands Postbank and Fyrst, the bank serves around 800,000 SMEs who are now positioned to benefit from the new solution.
The JV combines multiple payment solutions that complement the bank’s offering and prevents merchants from signing multiple contracts with various payment providers.
Furthermore, the partnership will provide services to non-Deutsche Bank clients and is expected to employ a low triple-digit workforce.
Deutsche Bank corporate bank head Stefan Hoops said: “By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our SMEs.
“Today, no other provider of such services in Germany can offer this in-depth combination of acceptance solutions with banking services being a true “one-stop-shop” for our clients. This will translate into a better client experience, lower costs and reduced complexity for clients.”
In July last year, Fiserv has been selected by Germany-based supermarket company ALDI Nord to enable all in-store card payments across its operations in the German market.
