Commerzbank (FRA:CBK) and Global Payments (NYSE:GPN), a provider of payment technology and software solutions, today announced a joint venture to offer digital payment solutions to small and medium-sized customers across Germany.
The new entity, Commerz Globalpay GmbH, is expected to launch in the first half of 2024 and will provide a comprehensive suite of innovative multi-channel payment solutions and software at scale, providing a one-stop service for merchants to operate and grow their businesses more efficiently.
Commerzbank will own 49% of the company, which will be based in Frankfurt/Main, Germany, and Global Payments will own 51%.
The joint venture unites two strong brands. Commerzbank brings knowledge and customer relationships to the German small and medium-sized market, while Global Payments brings trade enablement solutions and distinct payment offerings.
Commerz Globalpay GmbH will offer digital payment capabilities, including Global Payments’ smartphone payment apps that allow merchants to accept mobile payments without a separate card reader, modern card terminals and e-commerce/mobile payment solutions, all integrated to offer seamless multi-channel experiences. In addition, business customers will have access to a variety of leading value-added services, including cloud-based point-of-sale software, customer loyalty programs, analytics and customer engagement platform, and more.
“With this joint venture with Global Payments, we are investing in modern forms of payment at the highest level. Through simple solutions, new products and technologies provided by Global Payments, we create an optimal experience for Commerzbank customers. This makes the project an important part of informing our strategy to create added value and excellence for our customers,” said Thomas Schaufler, Member of the Board responsible for Private and Small Business Customers at Commerzbank.
“Commerzbank is the ideal partner to expand our presence in Germany to provide industry-leading services to merchants across the country,” said Cameron Bready, President and CEO of Global Payments. “This joint venture significantly enhances distribution for our distinct payment offerings and commerce enablement solutions in an attractive growth market where there are significant opportunities to digitize the payments experience.”
The completion of the transaction is subject to the approval of the competent supervisory and antitrust authorities.