Deutsche Bank ties up with Silverflow for cloud-based card acceptance solutions

Karthik Subramanian

Deutsche Bank has announced a global partnership with Silverflow to support the banks’ payment strategy in the coming years. It includes the launch of two payment services which are expected to be launched in Autumn of 2021.

silverflow

With this partnership, Deutsche Bank would be able to help PSPs across Europe and the US to accept debit and credit card payments using Silverflow’s cloud-based card acquiring services. This would be the first step after which this would be extended to other parts of the world as well.

The partnership with Silverflow will also open up new features for the banks’ corporate banking customers as they would be able to use Silverflow’s machine-learning powered merchant chargeback API to handle chargeback requests raised by customers. This will be a service that will be initially launched in Germany.

Usually, chargebacks are a very cumbersome and manual process with a lot of customer-facing and handling required. For the merchants, this is rather a big headache and any kind of automation in this would turn out to be a huge cost saving for the corporates and merchants.

Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank’s Corporate Bank, said, “Deutsche Bank is creating a new digital payment ecosystem, working with best-in-breed tech players like Silverflow. With Silverflow’s cloud-native payment technology, we can offer our customers high-end, best-in-class services that set new standards for bank-supported acquiring services and digital payments.”

Silverflow has a fully cloud-based platform and high simplified APIs which makes the integration and further handling of its services much easier as compared to other payment and card processors.

Anne Willem de Vries, Co-Founder and CEO of Silverflow said, “Silverflow is building a new payments tech stack for the modern age that aims to replace the legacy systems that the industry has long viewed as an immovable force. Silverflow enables customers and partners to setup, scale and automate manual tasks such as managing chargebacks, alleviating headaches and supporting growth. Signing Deutsche Bank as our global partner is a significant achievement for Silverflow that shows the strength of our technology and team, bringing best-in-class card payments processing to banking customers.”

Deutsche Bank will be providing its licenses, settlement capability, and foreign exchange handling. It will help merchants to open up accounts in as many as 35 currencies and will handle chargebacks, payments and optimise revenues. Silverflow will bring its technology to the table and provide its cloud-based processing, connected to the networks of Mastercard and Visa.

This partnership is expected to boost the capabilities of both the companies and they would hope that this seamless partnership would provide value to both their corporate and retail users.

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”

<