Deutsche Bank to Expand Product Range with the Acquisition of Better Payment

Deutsche Bank, a Germany-based multinational investment bank and financial services provider, announced the acquisition of Berlin-based payment service provider Better Payment today.

The official announcement published by Deutsche Bank shows that the bank is planning to expand its market share in Germany’s payment sector. According to Deutsche Bank, Better Payment’s employees including its management team will stay on board.

The German bank is expecting a surge in demand for the services of Better Payment in the future. Deutsche Bank added that Better Payment will keep its headquarters in Berlin and the company’s contracts with its existing customers will remain unchanged.

Commenting on the acquisition, Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank, said: “Better Payment gives us broader market access in payment processing. Thanks to the know-how of their employees, their existing dealer relationships and technical solutions, we can accelerate our growth in the German market, which is key to us. We will develop additional synergies by integrating the respective products from Deutsche Bank and Better Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.”

The bank plans to offer additional banking and payment services via the existing Better Payment channels.

Payment Services

Deutsche Bank has substantially expanded its payment services in the last two years. In June 2021, the bank partnered with Fiserv, the US-based Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and financial services firm, to facilitate payments in the German market. Furthermore, Deutsche Bank aims to integrate Better Payment's technical solutions into its existing product range over the next 12 months.

“Better Payment operates a service for the technical processing of online payments. For this purpose, the company uses a payment platform ('online payment gateway') to carry out and receive online payments. The payment platform enables retailers, or their clients, to accept all common means of payment and to be able to receive all types of payment consignments. Better Payment offers its own 'online payment gateway' as a 'white label' solution to other companies and does not operate under its own brand. For these 'white label' customers, payment processing is a useful addition to their own product portfolio,” Deutsche Bank highlighted.