Deutsche Bank and Fiserv reveal joint venture for payments acceptance in Germany

Deutsche Bank and global payments and financial services technology provider Fiserv, have announced a joint venture to create a payment acceptance and banking solutions provider. Based in Frankfurt am Main, the joint venture will serve small and medium businesses in the German Market.

According to the official announcement, the joint venture will help small and medium-sized enterprises (SMEs) adapt to the dynamic post-Covid marketplace. It will achieve that by assisting them in selling their products and services across a range of digital and in-person channels using modern payment acceptance solutions, such as Clover, point-of-sale platform from Fiserv.

Deutsche Bank and Fiserv plan to bring multiple payment solutions together, complementing Deutsche Bank’s banking offering. It will ultimately save merchants from having to enter into multiple contracts with a variety of payment providers.

Stefan Hoops, Head of Corporate Bank at Deutsche Bank, 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.

The two companies revealed in the announcement that the joint venture is expected to serve several thousand clients at launch. Deutsche Bank, in combination with their Postbank and Fyrst brands, has around 800,000 SMEs who will benefit from the new solutions. The joint venture will offer services to non-Deutsche Bank-clients as well and is expected to employ a low triple-digit workforce.

John Gibbons, Head of EMEA at Fiserv, added:

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.

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