Deutsche Bank, Fiserv team to launch payment acceptance venture in Germany

Deutsche Bank and Fiserv have collaborated to create a comprehensive provider of payment acceptance and banking solutions in the German market.

According to Fiserv – a global provider of payments and financial services solutions – the joint venture will combine its Clover eftpos device with Deutsche Bank’s integrated banking services to serve SMEs in the German market with a base in Frankfurt.

Fiserv noted the joint venture expects to serve several thousand clients ‘from the start’, as Deutsche Bank has around 800,000 SMEs clients to market the venture to. In addition, the venture will offer services to non-Deutsche Bank clients and is anticipated to employ a low triple-digit workforce.

Deutsche Bank head of corporate bank Stefan Hoops said, “By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our SMEs.

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.”

Fiserv head of Europe, Middle East and Africa John Gibbons added, “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.

“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.”

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