Deutsche Bank, in partnership with fintech firm Fiserv, has unveiled a payments acceptance and banking services venture in Germany dubbed VERT.
The joint venture (JV) will cater to small and medium-sized enterprises (SMEs).
According to Deutsche Bank, Vert is the only German company to provide an integrated offering of payment acceptance, processing and banking solutions.
The JV will also help merchants quickly access funds via its next-banking-day pay-outs option.
Apart from quick payments, the new entity’s offerings include acceptance of common payment types and an online dashboard featuring transaction data and related reports.
Vert’s three solutions including portable payment device Clover Flex, Go by Vert app and card reader PAX A50 are ideal for various businesses such as mobile food trucks, retailers and medical offices.
Vert Sales & Product managing director Thorsten Woelfel said: “By combining the strength of Deutsche Bank, Germany’s largest bank, with Fiserv, the world’s largest merchant acquirer, we can provide our Vert members with a secure, fast and technologically advanced payment acceptance solution.”
Fiserv EMEA head John Gibbons said: “With a unique combination of payment and banking capabilities, Vert is already helping small and mid-sized enterprises in Germany do business more easily, with less complexity.
“We look forward to helping thousands of merchants streamline their operations and continue to delight their customers.” Vert looks to gradually expand its product portfolio to include online payment acceptance and currency conversion solutions.