Fiserv and Deutsche Bank are working together on a joint venture to provide payment acceptance and banking offerings to small and medium-sized businesses (SMBs) in Germany – pending regulatory approval, according to a Monday (June 21) announcement.
The effort will assist SMB customers with adapting to the evolving post-pandemic marketplace by providing them with the tools to sell their merchandise and services throughout a complete array of digital and in-person channels by the way of modern payment acceptance offerings such as Fiserv’s Clover® point-of-sale platform.
“Together with Deutsche Bank, we will be able to help [SMBs] in Germany do business in new ways, bringing them a compelling combination of solutions and services to streamline their payment acceptance and banking capabilities,” John Gibbons, Head of EMEA at Fiserv, said in the announcement. “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 joint venture is anticipated to work with several thousand clients from the beginning. Deutsche Bank, combined with their Fyrst and Postbank brands, has approximately 800,000 SMBs who will benefit from the new offerings in the future. Moreover, the joint venture will also work with firms that are not Deutsche Bank customers.
“By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our [SMBs],” Stefan Hoops, Head of Corporate Bank at Deutsche Bank, said in the announcement. “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.”
The news comes as retailers and technology companies are taking digital transformation in new omnichannel directions – to the delight of shoppers.
“Being able to shop with convenience and have a consistently seamless experience on any channel, any device and any payment method is key for customers,” Fiserv Vice President of Carat Product Strategy Chris Abele recently told PYMNTS.
ALT: Fiserv and Deutsche Bank are working together on a joint venture to provide payment acceptance and banking offerings. The joint venture, which will be headquartered in Frankfurt am Main, will serve small and medium-sized businesses (SMBs) in Germany – pending regulatory approval, according to a Monday (June 21) announcement.