Through this partnership, Deutsche Bank is set to improve its Merchant Solutions offering, especially its Request to Pay (R2P) service, by scaling flexibility and efficiency with account-to-account-based payments on Mastercard’s trusted Open Banking network.
As Open Banking and account-to-account payments scale across Europe, the collaboration solidifies Deutsche Bank and Mastercard’s position in the industry, allowing merchants to provide Pay by Bank functionality through the bank’s Merchant Solutions.
The strategic agreement enables merchants to utilise R2P as a preferred payment method, in turn equipping consumers with the ability to authorise payments directly from their bank accounts with real-time processing and immediate confirmation. Also, Mastercard’s Open Banking technology is set to be integrated into Deutsche Bank’s platform, facilitating efficient settlement, improved reconciliation, and scaled payment transparency.
As part of the announcement, Deutsche Bank mentioned that existing customers of its R2P solution are set to be gradually and efficiently transitioned to the new platform. Additionally, as European consumers and merchants request more secure and cost-effective options for payments, Deutsche Bank and Mastercard seek to offer solutions that advance innovation and serve the needs of the market.
According to the official announcement made at the Money 20/20 event in Amsterdam, Mastercard’s partnership with Deutsche Bank showcases how relationships similar to theirs can support the creation of advanced solutions and shape how individuals and businesses can connect when it comes to money. Additionally, such collaborations work towards developing a future where account-to-account payments are becoming the norm, as well as a solid alternative to other payment methods.
Furthermore, the alliance, which centres on exceeding a standard vendor relationship, will see Deutsche Bank utilising the technology and infrastructure in the Open Banking space that Mastercard provides, while also conducting its usual operations for its clients, as well as other businesses. By merging these, Deutsche Bank and Mastercard plan to deliver value while also further enhancing the technology.
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