Following this announcement, the collaboration will combine Global Payments’ leading payment technology and software offerings with Commerzbank’s solutions for small and medium-sized enterprises (SMEs) based in Germany.
The strategic deal is expected to optimise the overall distribution of distinctive payment capabilities and commerce-enabled services in a development market that is ever-evolving and provides multiple substantial opportunities for the digitalisation of the payment experience.
Throughout this collaboration, Global Payments will bring commerce enablement services and distinctive payment capabilities, while Commerzbank will provide the knowledge and client relationships within the German small and medium-sized merchant industry.
The new entity that will launch with the partnership will be entitled the Commerz Globalpay GmbH, and it is expected to be made available in the first half of 2024 and offer a comprehensive and secure suite of omnichannel payment and software tools at scale. In addition, the product will provide a one-stop-shop for merchants and traders to run and develop their businesses more efficiently. Global Payments is set to hold a 51% percent stake in the company, while Commerzbank is expected to hold 49%. The new firm will be based in the region of Frankfurt am Main, Germany.
Commerz Globalpay GmbH is expected to deliver customers digital payment capabilities, including Global Payments’ smartphone-based payment applications that allow traders to accept mobile payments without a separate card reader, ecommerce payment services, mobile payment solutions, modern card terminals, all integrated to deliver secure and efficient omnichannel experiences. Business clients will have the possibility to access a variety of leading value-added solutions, including cloud-based point-of-sale software, client loyalty programs, analytics, and user engagement platforms, as well as more benefits.
Both companies will focus on the acceleration of the development and expansion of their presence in Germany, aiming to meet the needs, preferences, and demands of customers and clients. This joint venture is expected to optimise the distribution of distinctive payment offerings and commerce-enabled services in an ever-evolving market where there are substantial capabilities to digitise the payment experience.
At the same time, financial institutions will invest in modern forms of transactions at an improved level. Through these simple solutions, new products, and technologies that are provided by Global Payments and combined with Commerzbank’s expertise and offerings, the partnership will prioritise the optimisation of customers’ experience and security.
The transaction is currently subject to the approval of the responsible supervisory, as well as antitrust authorities.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now