Commerzbank forms joint venture with Global Payments for SME payment solutions
Commerzbank has partnered with American paytech firm Global Payments to launch a new joint venture to provide digital payment solutions to SMEs in Germany.
Commerzbank to launch new JV with Global Payments
Ownership of the joint venture will be split 51% to 49% between the paytech and bank respectively, with the new entity, Commerz Globalpay, expected to launch in H1 2024 based out of Frankfurt.
Global Payments says it will provide the entity with commerce enablement solutions, with its effort backed by Commerzbank’s familiarity with the regional SME market.
This combination, the pair explain, will result in a suite of “digital payment capabilities”, including mobile-based payment acceptance, card terminals and an e-commerce solution.
For businesses, Commerz Globalpay will seek to provide cloud-based point of sale (POS) software, customer loyalty programmes, and a customer engagement and analytics platform, among other expected features.
Speaking on the joint venture, Cameron Bready, president and CEO of Global Payments, says it will enable the paytech to expand its presence in Germany, while it “significantly enhances distribution” for its solutions.
Thomas Schaufler, member of the board of managing directors for private and small-business customers at Commerzbank, adds that the project is “an important part of our strategy” and will connect its customers with its new partner’s “simple solutions, new products, and technologies”.
The agreement remains subject to regulatory approval.
