Fiserv Inc. is teaming up with Germany's largest bank to offer payment processing systems for small- and medium-sized German businesses, according to an announcement.
The new joint venture between Deutsche Bank and Brookfield-based Fiserv (Nasdaq: FISV) will integrate Fiserv's Clover point-of-sale payment acceptance offering with Deutsche Bank's financial services, according to a press release.
The new venture will be based in Frankfurt and employ at least 100 people. It will serve thousands of Deutsche Bank's business customers from the start and will also serve other customers, according to the release.
“By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our (small and medium-sized enterprises),” Deutsche Bank head of corporate bank Stefan Hoops said in a statement. “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."
Fiserv added Clover to its portfolio of product offerings through its $22 billion all-stock acquisition of First Data Corp. in 2019.
“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,” Fiserv head of Europe, the Middle East and Africa (EMEA) John Gibbons said in a statement.
Gibbons led global transaction banking at Deutsche Bank before joining Fiserv in December 2018. Fiserv has operations in 13 countries within the EMEA region, according to the company.
