Deutsche Bank and Fiserv have joined forces to create a comprehensive provider of payment acceptance and banking solutions.
The joint venture will serve small and medium-sized enterprises (SMEs) in the German market and will be based in Frankfurt am Main, pending regulatory approval.
Stefan Hoops, head of Corporate Bank at Deutsche Bank, 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.”
The two companies hope to serve several thousand clients from the start. Currently, Deutsche Bank, together with its Postbank and Fyrst brands, has around 800,000 SMEs, who are set to benefit from the new solutions.
The joint venture will also offer services to non-Deutsche Bank clients and is expected to employ a low triple-digit workforce.
John Gibbons, head of EMEA at Fiserv, said: “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.”
The move comes as Fiserv has formed a number of partnerships in recent months. In April, the payments company partnered with PayPal to roll out a new functionality to support in-demand digital payment options and expand touch-free payment capabilities.
Through the partnership, businesses can accept payments via PayPal and Venmo through QR codes presented at the point of sale.
In addition, last month, MTFX Group’s PayMyTuition, which provides global payment processing solutions for tuition payments, tapped Fiserv to support its strategic expansion in China.