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