Deutsche Bank has linked with Fiserv, a global provider of payments and financial services technology, for a joint venture to create a comprehensive provider of payment acceptance and banking solutions.
The collaboration aims to serve small and medium-sized enterprises (SMEs) in the German market and will be based in Frankfurt am Main, pending regulatory approval.
Together, the Deutsche Bank and Fiserv joint venture seeks to 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.
“By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our SMEs,” stated 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.”
The companies plan to bring multiple payment solutions together, complementing Deutsche Bank’s banking offering, and deliver a combination unique to the market. This saves merchants from having to enter into multiple contracts with a variety of payment providers.
“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,” added John Gibbons, Head of EMEA at Fiserv. “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.”