Deutsche Bank will further extend its leading cash management product range into the merchant acquiring business, providing credit/debit card clearing and settlement solutions throughout Europe. This new business line will be managed by Deutsche Card Services GmbH, a 100%-owned subsidiary of Deutsche Bank, with its registered headquarters in Frankfurt. This adds yet another feature to Deutsche Bank’s comprehensive suite of receivables products for its global client base. Cash management is part of Deutsche Bank’s fast growing Global Transaction Banking business.
Werner Steinmueller, Head of Global Transaction Banking said, “As the leading provider of payment transaction services throughout Europe, Deutsche Bank has already decisively contributed to and supported the process of introducing SEPA. With Deutsche Card Services, we are now addressing the growing demand for pan-European solutions in the cards area. “
Deutsche Card Services will be launched on the basis of the reliable platform and expertise of Pago eTransaction Services GmbH (“Pago”). Pago is the technology leader in card-based online payments, offering systems for the processing of electronic payments to companies in the e-commerce sector, mail order business as well as brick-and-mortar retailing.
Deutsche Bank has taken on the staff as well as the technical infrastructure of Pago, whose clients will continue to be served by the team with which they are familiar.
For further information, please call:
Deutsche Bank Press and Media Relations
Christian Streckert +49 69 910-38079
Klaus Thoma +49 69 910-33405
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 80,253 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Global Transaction Banking ("GTB”) of Deutsche Bank AG addresses the needs of corporate clients, financial institutions, investors and issuers. GTB covers payment transactions, liquidity management, trade finance, securities services and trust business. Business units include Cash Management, Trade Finance and Trust & Securities Services.
As part of Deutsche Bank Group, Deutsche Card Services offers full service solutions for non-cash and card payment transactions including all major credit cards, Maestro, electronic direct debit and giropay (German online payment method) - all from a single source. It builds on the longstanding expertise and the well-established technical platform of Pago eTransaction Services. Tried and tested risk minimization systems ensure the smooth, swift and secure processing of cashless payments in e-commerce, mail-order business and Point-of-Sale retail. Unique online management systems allow customers worldwide to keep track of their transactions at all times.
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