Deutsche Bank and Mastercard unite for expansion of digital payments

Deutsche Bank and Mastercard have come together in an expansion of their partnership to jointly develop innovations in the area of digital payments for business clients.

The link seeks to enable companies to offer their products and services to new customer demographics, to develop digital business models and to expand sales channels in Germany and beyond.

“The coronavirus pandemic has triggered exponential growth in corporates’ demand for digital payment solutions. Payments is the key interface between banks and their clients”, said Ole Matthiessen, Global Head of Cash Management at Deutsche Bank.

“Worldwide only very few banks cover the entire spectrum of the payments area. This starts with card issuance and merchant acceptance and extends to cover payments clearing in the domestic and foreign markets as well as additional services such as currency hedging, cash flow forecasting or even fraud management services.”

It comes as the coronavirus is acting as a catalyst for the acceleration of digital payments globally, as payment innovation continues to be key to a myriad of sectors and their survival.

“We are combining our technological expertise with the offering and the global presence of Deutsche Bank. This is a great opportunity to create new solutions for the complex issues pertaining to payments”, commented Peter Bakenecker, Divisional President Germany and Switzerland at Mastercard.

“We have been collaborating for many years already and want to deepen our joint endeavours. The timing is ideal given current market developments, the imminent pandemic-induced shifts in global payments and companies’ accelerated digital transformation.”