Deutsche Bank and Mastercard are working together to bring open banking payments to merchants and consumers across Europe.
Open banking and account-to-account (A2A) payments are rapidly gaining momentum across Europe, notably through the EPI's Wero wallet, which Deutsche Bank is backing and is designed as an alternative to Mastercard and Visa.
Now the German giant is working with Mastercard to boost its Merchant Solutions offering, particularly its Request to Pay (R2P) service, by introducing new levels of choice, flexibility, and efficiency with A2A-based payments on the card firm's open banking network.
Merchants will be able to offer pay-by-bank functionality through Deutsche Bank’s Merchant Solutions, using R2P as a preferred payment method to let shoppers authorise payments directly from their bank accounts with real-time processing and immediate confirmation.
Mastercard’s open banking technology will be fully integrated into Deutsche Bank’s platform in a move it says will mean faster settlement, enhanced reconciliation, and greater payment transparency.
Valerie Nowak, EVP, head, open banking, Mastercard Open Banking Europe, says: "With the further expansion of our partnership, we combine our open banking payments technology with Deutsche Bank’s payments expertise and big merchant base across Europe, and together we’re shaping a future where account-based payments are becoming the new norm."