Deutsche Bank seeks payments revamp with Silverflow deal
Deutsche Bank has signed a card acquiring partnership with payments technology provider Silverflow.
The bank says its deal will support ongoing payments strategies. It will include two new payment services, expected to launch later this year.
Kilian Thalhammer, Deutsche’s head of merchant solutions for corporate banking, says the lender is creating a “new digital payment ecosystem”.
He adds: “With Silverflow’s cloud-native payment technology, we can offer our customers high-end, best-in-class services that set new standards for bank-supported acquiring services and digital payments.”
Deutsche Bank will enable payment service providers (PSPs) across Europe and the US to accept card payments through Silverflow’s cloud-based acquiring service.
Initially launching in Germany, Silverflow’s system will provide access to its machine-learning powered merchant chargeback API to manage disputed.
The vendor calls this “an industry-first approach” to automation of a largely manual mail and fax-based process.
Deutsche’s agreement with Silverflow is its second publicised system selection this year. In March, the German lender inked a deal with Treasury Intelligence Solutions (TIS) for the distribution of multi-bank services for treasury and finance.
Silverflow claims to be the first card payments processor with “cloud-native simple APIs, robust data and direct card network integration”.
Anne Willem de Vries, co-founder and CEO of the firm, says Silverflow is building “a new payments tech stack for the modern age” and that the Deutsche Bank deal “shows the strength of our technology and team”.
He adds: “Silverflow enables customers and partners to set up, scale and automate manual tasks such as managing chargebacks, alleviating headaches and supporting growth.”