Deutsche Bank, a leading German financial services provider, announced today that it has formed a partnership with Fiserv, the US-based fintech and financial services firm, to launch a joint venture.
According to an announcement by Deutsche Bank, the joint venture will create payment acceptance and banking solutions for the German market. Deutsche Bank and Fiserv aim to support small and medium-sized enterprises in Germany.
The joint venture will be based in Frankfurt. It is currently pending regulatory approval. Deutsche Bank, together with Postbank and Fyrst brands, has more than 800,000 SMEs.
Commenting on the latest announcement, Stefan Hoops, Head of Corporate Banking at Deutsche Bank, 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.”
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In its latest quarterly report, Deutsche Bank reported €7.2 Billion in net revenues as its investment banking division posted strong growth during the first three months of 2021.
Focus on SMEs
Deutsche Bank mentioned that the joint venture will combine the Clover payment acceptance solution with Deutsche Bank’s integrated banking services. Both companies added that the primary focus of the latest joint venture is SMEs. “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. 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,” John Gibbons, Head of EMEA at Fiserv, said.
In April 2021, Deutsche Bank established the emerging market FX trading engine in Singapore.