Site: EVO - Europe| Language: English
FRANKFURT AM MAIN, 30 September - 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 AG, with its registered headquarters in Frankfurt. This adds yet another feature to Deutsche Ban'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.