The joint venture expects to serve several thousand clients from the start
Deutsche Bank and Fiserv have announced a joint venture to create a comprehensive provider of payment acceptance and banking solutions. The joint venture will serve SMEs in the German market and will be based in Frankfurt am Main, pending regulatory approval.
This Deutsche Bank and Fiserv joint venture will help SME clients adapt to the changing post-Covid marketplace. It will equip 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 POS platform from Fiserv.
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.
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.
We’ve reported that Visa users will now use a Tap to Phone payment technology.