Deutsche Bank AG - the largest bank in Germany - is creating a joint venture (JV) with the American firm Fiserv Inc. that specializes in digital payment processing, Finmarket.ru reports.

The creation of the joint venture will enable Deutsche Bank’s corporate clients to accept payments through the Fiserv-Clover platform, which can read credit and debit cards and work with mobile wallets.

For Deutsche Bank, this is a return to the payment services market - the German bank sold a similar business to the American company EVO Payments International LLC in 2012, considering it too risky for its own business, The Wall Street Journal writes.

Since then, however, the payment processing market has grown sharply amid the rise of e-commerce, and the COVID-19 pandemic has further exacerbated this trend. Currently, Fiserv’s capitalization is almost three times the market value of Deutsche Bank. The financial terms of the deal between Fiserv and Deutsche Bank have not been disclosed.

Deutsche Bank has said that the joint venture with Fiserv will make it able to offer new services to more than 800,000 small business clients in Germany. The headquarters of the joint venture will be located in Frankfurt, the number of employees will be more than 100 people.

Deutsche Bank notes that the payment processing market is one of the fastest growing in the banking sector and predicts an annual growth rate of revenue at 6% per year up to 2023 inclusive.

The partner of Fintech section is