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Deutsche Bank partners with Moss

Thursday 4 May 2023 12:27 CET | News

Deutsche Bank has partnered with Moss in order to provide instant transfers, new products, and German IBANs for all customers in Europe.

The Deutsche Bank is also taking over the payment transaction processing between the Moss platform and its customers. Moss offers a software solution for holistic expense management. This includes the digital recording and approval of invoices, the settlement of employee expenses, and budget and liquidity management. Another important pillar of Moss’ offers is the issuance of virtual and physical company credit cards. Since mid-2022, Moss has had its own EMI (E-Money Institution) license from the German Federal Financial Supervisory Authority (BaFin), meaning that Moss could issue cards or loans on its own.

Deutsche Bank has partnered with Moss in order to provide instant transfers, new products, and German IBANs for all customers in Europe.

So far, these services had been handled by partners. Now, with Deutsche Bank, a new cooperation partner is being added. According to a Moss representative, the company decided on this partnership to advance its European business following an extensive examination. The Deutsche Bank will handle the receipt, custody, and shipping of all funds for Moss. An additional change that will be implemented as a result of the cooperation is that Moss’ European customers will now receive German IBANs, as requested.

 

Payment processing in Europe

According to Moss, over 2000 SMEs in 8 countries are affected by the cooperation. When choosing a suitable partner, the fintech focused on three specific criteria. The potential cooperation partner had to show meaningful references in the industry, represent the same quality and care standards as Moss, and had to demonstrate a technical infrastructure in order to map the future growth of Moss internationally. In the eyes of Moss, Deutsche Bank meets all these requirements and now offers the customers of the cooperation partner the safekeeping and dispatch of all funds from a single source.


New products planned

Looking ahead, the Moss representative points to the market's desire to further digitise and automate financial processes and payments. That is Moss’ mission and thus a strong motivation to keep adapting and improving its own product to customer requirements, as has now happened with the allocation of German IBANs. According to a Deutsche Bank representative, the bank wants to support the Moss team to grow in the core market of Germany and to expand into other markets.


The partnership is an example of how Deutsche Bank supports innovative business models in the fintech industry with global financial services. Moss sees the partnership with Deutsche Bank as a first step towards payment services under its own license. With the bank behind the SaaS platform, the intention is to remain “Made in Germany”. A Moss representative also announced to customers that it would be offering instant transfers in the future and completely new products are to follow. The company plans to announce more details in the second half of 2023.

Source: Link


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Keywords: partnership, product upgrade, EMI licence, transactions , payment processing, IBAN
Categories: Banking & Fintech
Companies: Deutsche Bank, Moss
Countries: Germany
This article is part of category

Banking & Fintech

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Deutsche Bank

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Moss

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