Deutsche Bank and Fiserv team up for payment acceptance in Germany

By Megha Bhattacharya

Deutsche Bank and Fiserv today announced a joint venture to create a comprehensive provider of payment acceptance and banking solutions. The joint venture will serve SMEs in the German market and will be based in Frankfurt am Main, pending regulatory approval.

According to the companies, the joint venture will help SME clients adapt to the changing post-Covid marketplace by equipping them to sell their products and services across a full range of digital and in-person channels using modern payment acceptance solutions, including the Clover point-of-sale platform from Fiserv. Deutsche Bank, together with their Postbank and Fyrst brands, has around 800,000 SMEs who will benefit from the new solutions going forward.

“By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our SMEs,” says Stefan Hoops, Head of Corporate Bank at Deutsche Bank. “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,” added Hoops.

“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,” said John Gibbons, Head of EMEA at Fiserv. “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.”