Deutsche Bank taps Silverflow for payments technology services

Traditional banks are facing immense pressure from startup fintech and payments companies as they both compete in rising payments adoption and eyes to gain significant market space.

This week, Deutsche Bank has announced a partnership with Silverflow which is a payments technology company based out of Amsterdam. Under this partnership, the latter will support the ‘bank’s payments strategy’ and it will include two new payment services which are expected to launch in autumn 2021.

In the past couple of months, Deutsche Bank has collaborated with TIS for multi-bank services while it also launched automation solutions for treasurers. Amongst the highlighted news, the bank had partnered with card network giant, Mastercard for digital payments.

Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank’s Corporate Bank said in the press note that the bank is creating a new digital payment ecosystem and in partnership with Silverflow it will offer clients services that will “set new standards for bank-supported acquiring services and digital payments”.

Under the new initiative, the bank will enable PSPs across Europe and in the US to accept debit and credit card payments through Silverflow’s cloud-based card acquiring service, as stated in the press release.

Silverflow will also provide solutions to the bank’s corporate clients which will initially be launched in Germany and will include providing access to Silverflow’s machine-learning powered ‘chargeback API to manage disputed payments from card issuers on behalf of a cardholder’. The company also claims that this is an industry-first approach to ‘automate a largely manual mail and fax-based process, which will help merchants make substantial cost savings’.

As mentioned in the press note, Silverflow’s cloud-based platform provides direct access to the card networks for payment services providers, merchants and acquirers. The company is backed by Crane Venture Partners, INKEF Capital, Pay.On, First Data, Mastercard, Booking.com, and Adyen.