Berlin based payment service for Deutsche Bank

Deutsche Bank in Germany has announced that it has acquired Berlin-based payment service provider Better Payment for an undisclosed amount. This deal is expected to help Deutsche Bank in expanding its market share in the online payment processing market. According to press reports, Deutsche Bank will integrate Better Payment’s technical solutions.

Kilian Thalhammer is the head of merchant solutions at Deutsche Bank. He told the media that the better payment is giving them broader market access in payment processing. Their employees, their existing dealer relationships and technical solutions are all the reason for this. And they can accelerate their growth in the German market, which is the key to them. He also added that they will develop additional synergies by integrating the respective products from Deutsche Bank and Better Payments.

It was stated that the Deutsche Bank’s plan to close its branches in Germany could cause 400 to 450 people to lose their jobs in the country, earlier this year. 20 percent of the bank’s workforce has been planned to eliminate in a four-year restructuring plan. This was announced in 2019. And also, there was an announcement last year stating that they have plans to close 100 out of its 500 Deutsche Bank-branded branches.

A Deutsche Bank spokesperson said regarding this that, the bank was discussing with the labor representatives on how to develop the private client’s business in Germany. And also, how to adapt the branch network and regarding reducing the jobs.