Vert, a new start-up rolling out in Germany, from the collaboration of Deutsche Bank and fintech service provider Fiserv (SMEs).
According to the German bank, the new organisation was created to address market demand for user-friendly, integrated solutions that allow them to accept payments, move and manage money.
Vert promises clients speedier payments, cutting-edge technology, acceptance of popular payment methods, and an online dashboard with transaction statistics and other business information.
Thorsten Woelfel, managing director sales & product at Vert, says: “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.”
For merchants, vert provides a portable payment device capable of accepting a wide range of payments, as well as a tip function and apps that aid in better company management. This is supplemented with a mobile app that allows retailers to utilise their own Android smartphone or tablet as a contactless payment terminal. Users can also use a portable card reader to collect card payments at the counter or at the table instead of carrying bulky equipment.
Vert intends to offer out services for online payment acceptance and currency exchange in the future.
“Vert brings together the expertise of two market leaders in cash management and payment acceptance technology,” says Kilian Thalhammer, head of merchant solutions at Deutsche Bank. “In cooperation with Vert, we can provide accounts, payment solutions, and banking services to our SME customers.”
Deutsche Bank, through its Postbank and Fyrst brands, has around 800,000 SMEs that will be able to use the new service, with some merchants already using it. The joint company will also provide services to non-Deutsche Bank clients and is estimated to employ staff in the low triple digits.
