Fiserv, Inc. (FISV), a provider of payments and financial services technology, announced Monday an agreement with German banking major Deutsche Bank (DB) to form a joint venture to create a comprehensive provider of payment acceptance and banking solutions.
The joint venture will serve small and medium-sized enterprises or SMEs in the German market and will be based in Frankfurt am Main, pending regulatory approval.
The companies said the JV 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. They will help use modern payment acceptance solutions, including the Clover point-of-sale platform from Fiserv.
The companies plan to bring multiple payment solutions together, complementing Deutsche Bank's banking offering.
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 JV will also offer services to non-Deutsche Bank-clients and is expected to employ a low triple-digit workforce.
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