Vert will offer full-service payment acceptance solutions to small and medium-sized enterprises (SMEs) and merchants through mobile devices, apps and at the checkout, along with next-banking-day pay-outs feature
Deutsche Bank launched Vert in partnership with Fiserv. (Credit: Deutsche Bank AG)
German lender Deutsche Bank and US-based payments and financial technology company Fiserv have launched a new payments company, dubbed Vert, in Germany.
Vert would provide complete payment acceptance and banking services to small and medium-sized enterprises (SMEs) in Germany.
The new company also provides next-banking-day pay-outs feature, which enables the merchants to quickly access their funds.
Its clients can benefit from faster payments, advanced technology, acceptance of common payment types and an online dashboard, along with transaction data and business reports.
Deutsche Bank said that Vert is the only German provider to combine payment acceptance and processing and traditional banking solutions.
Deutsche Bank merchant solutions head Kilian Thalhammer said: “Vert brings together the expertise of two market leaders in cash management and payment acceptance technology. In cooperation with Vert, we can provide accounts, payment solutions and banking services to our SME customers.”
Fiserv EMEA head John Gibbons said: “With a unique combination of payment and banking capabilities, Vert is already helping small and mid-sized enterprises in Germany do business more easily, with less complexity.”
Vert will initially provide three solutions, Clover Flex, The Go by Vert app, and The PAX A50, which can be used by a broad range of businesses.
Clover Flex is a mobile-optimised and portable payment device that enables merchants to accept a wide range of payments and manage their businesses.
The Go by Vert app allows a merchant to use their own Android smartphone or tablet as a contactless payment terminal, to receive contactless payments in seconds.
The PAX A50 is a portable card reader that enables merchants to accept card payments at the counter and at the table, without needing to carry the heavy device.
Furthermore, Vert intends to expand its product range with online payment acceptance and currency conversion solutions in the future.
Vert sales and product managing director Thorsten Woelfel said: “By combining the strength of Deutsche Bank, Germany’s largest bank, with Fiserv, the world’s largest merchant acquirer, we can provide our Vert members with a secure, fast and technologically advanced payment acceptance solution.”
Vert shared services managing director Gert Vido said: “Our mission is to help our members grow and get the best out of their business.”