Deutsche Bank, Fiserv Partner to Launch a Joint Venture in Germany
Deutsche Bank, Germany's largest bank, announced that it has partnered with Fiserv, a leading global provider of payments and financial services technology, to launch a joint venture to create a comprehensive provider of payment acceptance and banking solutions.
According to the press release, the joint venture will serve small and medium-sized enterprises (SMEs) in the German market and will be based in Frankfurt am Main.
The joint venture expects to serve several thousand clients from the start. Deutsche Bank, together with their Postbank and Fyrst brands, has around 800,000 SMEs who will benefit from the new solutions going forward. The joint venture will also offer services to non-Deutsche Bank-clients and is expected to employ a low triple-digit workforce.
Head of Corporate Bank at Deutsche Bank, Stefan Hoops, 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," added Hoops.
Earlier this month, Fazzaco reported that Deutsche Bank Vietnam has enabled offshore institutions and corporates to better manage their exposures to Vietnam's restricted currency by launching new features for post–trade activity on its award winning FX platform, Autobahn.
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