Just seven month after Deutsche Bank announced it was looking for acquisitions and partnerships to move itself back into mainstream merchant acquiring, Germany’s largest bank, has announced a joint venture to create a comprehensive provider of payment acceptance and banking solutions with Fiserv.
The joint venture will serve small and medium-sized enterprises (SMEs) in the German market and will be based in Frankfurt am Main, pending regulatory approval.
The joint venture will help SME clients adapt to the changing post-Covid marketplace by equipping them to sell their products and services across a full range of digital and in-person channels using modern payment acceptance solutions, including the popular Clover point-of-sale platform from Fiserv.
The companies plan to bring multiple payment solutions together, complementing Deutsche Bank’s banking offering, and deliver a combination the parties feel is unique to the market. This saves merchants from having to enter into multiple contracts with a variety of payment providers.
“By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our SMEs,” says Stefan Hoops, Head of Corporate Bank at Deutsche Bank.
“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,” added Hoops.
The joint venture expects to serve several thousand clients from the start. Deutsche Bank, together with their Postbank and Fyrst brands, has around 800,000 SMEs who will benefit from the new solutions going forward. The joint venture will also offer services to non-Deutsche Bank-clients and is expected to employ a low triple-digit workforce.
“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,” said John Gibbons, Head of EMEA at Fiserv.