visimoney
Commerzbank has formed a joint venture with American paytech firm Global Payments to provide digital payment solutions to small and medium-sized enterprises (SMEs) in Germany. The joint venture, called Commerz Globalpay, will launch in the first half of 2024 and will be based in Frankfurt. Global Payments will own a 51% stake, while Commerzbank will own 49%. The partnership aims to combine Global Payments’ commerce enablement solutions with Commerzbank’s understanding of the regional SME market to offer digital payment capabilities to businesses, including mobile-based payment acceptance, card terminals, and e-commerce solutions. Commerz Globalpay will also provide cloud-based point-of-sale software, customer loyalty programs, and customer engagement and analytics.
The partnership will allow Global Payments to expand its presence in Germany and significantly enhance distribution of its solutions. For Commerzbank, the joint venture is an important part of its strategy to connect its customers with simple solutions, new products, and technologies offered by its partner. However, the agreement is still subject to regulatory approval.
