The partnership will help companies offer products and services to new customers, develop digital business models and expand sales channels
Deutsche Bank has expanded its partnership with payment technology firm Mastercard to jointly develop payments solutions for business clients.
The partnership aims to help companies offer products and services to new customers, develop digital business models and expand sales channels in Germany and beyond.
Deutsche Bank said that companies need an effective payment management system to provide their products directly to consumers.
The partnership would develop digital platforms for mobile and digital payments, along with the integration of payment flows into the companies’ financial and accounting systems.
Deutsche Bank cash management global head Ole Matthiessen said: “The coronavirus pandemic has triggered exponential growth in corporates’ demand for digital payment solutions. Payments is the key interface between banks and their clients.
“Worldwide only very few banks cover the entire spectrum of the payments area. This starts with card issuance and merchant acceptance and extends to cover payments clearing in the domestic and foreign markets as well as additional services such as currency hedging, cash flow forecasting or even fraud management services.”
According to the Deutsche Bank, the Covid-19 pandemic has boosted the payments industry and is one of the fastest-growing businesses in the banking industry.
The bank claimed that it is already among the large payment clearers, and is one of the main clearers of US dollar payments outside the US.
Mastercard Germany and Switzerland divisional president Peter Bakenecker said: “We are combining our technological expertise with the offering and the global presence of Deutsche Bank. This is a great opportunity to create new solutions for the complex issues pertaining to payments.
“We have been collaborating for many years already and want to deepen our joint endeavours. The timing is ideal given current market developments, the imminent pandemic-induced shifts in global payments and companies’ accelerated digital transformation.”
Deutsche Bank has recently launched an advanced payments platform to enable its clients in Thailand to facilitate local collections through 2C2P.