Commerzbank selects PayTech Nexi for card processing solutions

By Gloria Methri

European PayTech Nexi has announced a new partnership with one of the leading German banks Commerzbank. As part of the agreement, Nets, part of Nexi Group, will develop a streamlined and scalable solution for processing credit, debit, and prepaid cards for Commerzbank.

The deal is a key milestone for Nexi’s issuing solutions business in Germany.

Nexi perceives the DACH region as an important potential growth area and the partnership reflects its ambition to expand its market presence there. The PayTech is offering issuing end-to-end services with a focus on modularity, short-time-to-market, and scalability.

Torsten Hagen Jørgensen, Head of Issuing Solutions in Nexi Group, said, “Across the Nexi Group, we have gained extensive experience along the entire value chain of digital payments for years. Being trusted by Commerzbank to offer our modular, flexible, and customer-focused services is a key milestone for our issuing solutions business in Germany.”

One of the leading banks for the German Mittelstand, Commerzbank is a partner for around 28,000 corporate client groups and 11 million private and small-business customers in the country. In 2021, Commerzbank generated gross revenues of some €8.5 billion with around 46,500 employees.

Nexi, in Italy, is a PayTech company, the reference point for digital payments in the country. It operates in three market areas: Merchant Services & Solutions, Cards and Digital Payments, and Digital Banking Solutions. Nets Group provides financial institutions, businesses, and merchants with payment products and solutions while delivering security and stability.