Deutsche Bank signs payments joint venture with Fiserv
Deutsche Bank has signed a joint venture agreement with software firm Fiserv, designed to create a suite of payment acceptance and banking solutions.
The joint venture will serve small and medium-sized enterprises (SMEs) in the German market. Based in Frankfurt, the new entity is still awaiting regulatory approval.
Deutsche and Fiserv expect to serve “several thousand” clients “from the start”.
Deutsche Bank, with its Postbank and Fyrst brands, has around 800,000 SME customers who could be introduced to the platform.
Stefan Hoops, head of corporate banking at the German lender, says “no other provider” in Germany can offer “this in-depth combination of acceptance solutions with banking services”.
Deutsche Bank signalled a change in its payment strategies in May, signing a card acquiring partnership with Silverflow.
At the time, the bank said its deal would see the launch of two new payment services, expected to launch before 2022.
John Gibbons, head of EMEA at Fiserv, says its partnership with Deutsche enables customers in Germany to do business in new ways.
He adds: “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.”