Deutsche Bank boosts partnership with fintech giant

They aim to jointly develop innovative digital payment solutions for companies

Deutsche Bank Mastercard

Deutsche Bank boosts partnership with fintech giant. Source: shutterstock.com

Deutsche Bank and Mastercard are expanding their partnership to develop innovations in the area of digital payments for business clients.

That would allow companies to offer their products and services to new customer demographics, develop digital business models, and expand sales channels in Germany and beyond.

These include digital platforms where firms can offer their products directly to consumers. For this, they require an efficient payment management system for mobile and digital payments, as well as a seamless integration of payment, flows into their financial and accounting systems.

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

Due to the fact that the pandemic acting as a catalyst, payments is currently one of the fastest-growing businesses in the banking industry. Their revenues projected to grow by 6% per year until 2023 and the number of transactions forecast to rise by 11% per year over the same period.

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 complex issues pertaining to payments. We have been collaborating for many years already and want to deepen our joint endeavors. The timing is ideal given current market developments, the imminent pandemic-induced shifts in global payments, and companies’ accelerated digital transformation
Peter Bakenecker, Divisional President Germany and Switzerland at Mastercard

We’ve reported that Deutsche Bank announced the launch of a payments platform for its clients in Thailand to facilitate local collections through 2C2P.

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