The four banking associations Bundesverband deutscher Banken, Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, Deutscher Sparkassen- und Giroverband and Bundesverband Öffentlicher Banken Deutschlands are working together with Commerzbank, DZ Bank, Deutsche Bank, GIZS & Co. KG, Fiducia & GAD IT, Bank-Verlag, S-Payment and paydirekt to standardise the payment solutions of the German Banking Industry Committee, or Deutsche Kreditwirtschaft (DK). The aim is to offer a standard product to cover the various payment channels.
giropay aims to enable customers to pay online and transfer money from account to account among private customers. The Bundeskartellamt, the German Federal Cartel Office, has stated they have no objections to the further development of the giropay payment system envisaged by the DK. In 2020, the Bundeskartellamt had already examined the combination of the giropay, paydirekt, and Kwitt systems. Currently, paydirekt and giropay are offered under the giropay brand which is controlled by paydirekt, a joint venture of DZ BANK, GIZS, Commerzbank, and Deutsche Bank. paydirekt is to enable customers to use the digital girocard for authorising payments made via giropay and is planning to obtain the relevant approval for this purpose within the girocard system.
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