- Deutsche Bank and Fiserv are teaming up to launch Vert, a payment acceptance and processing company aimed to serve small businesses.
- Unlike other tools on the market, Vert will also offer traditional banking services.
- Deutsche Bank has a built-in client base of around 800,000 small-to-medium-sized businesses who will be able to access the new solutions.
Deutsche Bank and Fiserv announced a partnership this week that will change the landscape of payments competition in Germany. The two have teamed up to launch Vert, a payment acceptance and processing company that also offers traditional banking solutions.
Aimed to serve small-to-medium-sized businesses (SMBs), Vert provides a single, integrated offering that streamlines access to banking products. The new service differentiates itself by providing next-banking-day pay-outs, which enables merchants to improve their cashflow with faster access to their funds. Vert also offers acceptance of common payment types and comes with an online dashboard that helps companies analyze transaction data and view a variety of business reports.
“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,” said Vert Managing Director of Sales & Product Thorsten Woelfel.
Vert is launching with three products:
- Clover Flex is a portable payment acceptance device that offers a tip function and business management apps.
- A Go by Vert app that enables merchants to accept payments on their own Android device using secure PIN entry that allows the merchant to accept payments above contactless-only limits.
- The PAX A50 is a small card reader device that enables merchants to accept card payments without having to carry around a heavy device.
“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,” said Fiserv Head of EMEA John Gibbons. “We look forward to helping thousands of merchants streamline their operations and continue to delight their customers.”
Deutsche Bank comes with a merchant client base of its own. Between the bank’s retail banking division Postbank and entrepreneur-focused digital bank Fyrst, Deutsche Bank counts around 800,000 SMBs who will be able to access the new solutions. In fact, some of these merchants are already live with Vert. The bank also expects to attract business customers from outside of its own client base.
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