Deutsche Bank Is Developing a White-Label BNPL Solution with Austrian Fintech

Deutsche Bank has been working with Vienna-based fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term, Credi2 for the development of a white-label buy now, pay later (BNPL) solution, targeting online retailers and e-commerce marketplaces.

Announced on Wednesday, the two companies are targeting to first pilot the product in Germany by the end of this year.

“Together with Credi2, we want to create a real and consumer-friendly alternative to existing BNPL offers,” said Deutsche Bank’s Head of Merchant Solutions, Kilian Thalhammer.

“Unlike most BNPL offers, the white label approach means that retailers retain full control over transactions with their new and existing customers.”

The platform can be flexibly added to the payment process of online merchants. It will offer a portal for the tracing of returns and partial payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term of transactions.

“Our white label solution can be used internationally: banks, retailers and marketplaces can offer this modern and flexible payment solution under their own name – this ensures customer loyalty and increases sales,” Christian C. Waldheim, the Co-CEO of Credi2 explained.

Big Banks Are Jumping into a Growing Industry

BNPL solutions enable consumers to receive a small credit line when making online purchases. The merchant receives the money from the lender, while the consumer pays it back in a few interest-free installments.

The German banking giant is jumping into the BNPL space when demand for such services is skyrocketing. According to Juniper Research, the BNPL transactions are expected to grow at a rate of 30 percent annually till 2026.

In Germany, the prospects of such services are immense as purchase on an account has been dominant in the country for decades. It remains one of the top three payment methods for online transactions, alongside wallet payments and direct debits.

“The trend clearly points in the direction that the purchase on account and installment is an issue that will remain,” Thalhammer added.