Deutsche Bank And Fiserv Form A Payments And Banking JV
Deutsche Bank and Fiserv have launched vert, a supplier of payment acceptance and banking services to small and mid-sized businesses (SMEs).
According to the German bank, the new organisation was created to address market demand for user-friendly, integrated solutions that allow users to take payments and transfer and manage money.
Vert offers its customers speedier payments, contemporary technology, the acceptance of popular payment forms, and an online dashboard with transaction statistics and other business information.
Thorsten Woelfel, managing director sales & product at Vert, explains, “By combining the strengths of Deutsche Bank, Germany’s largest bank, and Fiserv, the world’s largest merchant acquirer, we can provide our vert members a secure, fast, and technologically advanced payment acceptance solution.”
For retailers, vert provides a portable payment device that accepts a variety of payment types and includes a tip function and company management-enhancing applications. Combined with a mobile app, retailers may utilise their own Android smartphone or tablet as a contactless payment terminal. A portable card reader allows users to accept card payments at the counter and at the table without having to carry a hefty gadget.
It wants to offer out services for online payment acceptance and currency exchange in the future.
Deutsche Bank’s head of merchant solutions, Kilian Thalhammer, explains, “Vert brings together the expertise of two market leaders in cash management and payment acceptance technology.” They also explain this, “In co-operation with Vert, we can provide accounts, payment solutions and banking services to our SME customers.”
Deutsche Bank, in conjunction with its Postbank and Fyrst brands, will provide access to the new service to around 800,000 SMBs; some merchants are already operating. The joint company will also provide services to non-Deutsche Bank customers and is anticipated to employ less than ten people.
