Degussa Bank finds its Germanic match with API start-up Giromatch
Germany’s Degussa Bank and Frankfurt-based start-up Giromatch have teamed up to launch a pilot project offering a virtual Visa credit card for shopping with Amazon Business.
Giromatch, an IT service provider, provides digital services as a white label solution via its API platform.
In the pilot, corporate customers will be able to use the card for shopping and “also benefit from a liquidity advantage due to longer payment terms”.
The duo say they will continually observe the customers’ feedback to develop the digital application and to “transfer experiences to other product groups”.
Giromatch will access applicants’ information via an API and summarise it for Degussa Bank. A “vital element” for example is the digital account view, which enables an overview of the financial data of a company, therefore creating the basis for loan decisions.
Giromatch founder and MD Robin Buschmann, says: “That is why such a project cooperation can be regarded as a natural symbiosis of banks and fintech companies.”
The loan decision “always remains with the bank” and Giromatch acts as a digital real-time data processor.
Giromatch was founded in 2014 by Buschmann, Viktor Kraus and Daniel Conradt.
Buschmann was previously a portfolio manager in the asset management department of Deutsche Bank and worked for the fixed income department at JP Morgan Chase. Kraus was a risk expert at Postbank and Hessische Landesbank. He is responsible for the risk strategy of the platform. Daniel Conradt is CTO and has 15 years’ experience in development and IT security.
