Under the agreement, Prepaid Financial Services will work with Deutsche Card Services to develop prepaid card solutions for corporate clients. Prepaid solutions can be used for travel and other corporate expenses, payment of disbursements, benefit payments, compensation payments e.g. for airlines and insurance companies and payroll administration, especially where banking facilities are underdeveloped.
PFS will provide the technology and support to enable DeuCS to offer new payment solutions across different regions and territories whilst DeuCS will provide PFS with strategic access to clientele in new operating regions. The cooperation also includes plans to jointly develop new services in the future.
Deutsche Card Services operates in 39 European markets and provides merchant acquiring services to multi-national clients of Deutsche Bank including online, point-of-sale and ATM as well as other related services.
In recent news, Deutsche Bank and EVO Payments International, the US-based payments processor and acquirer for merchants, have inked an agreement on the sale of Deutsche Card Services. Under the terms of the deal, EVO Payments International is set to acquire 100% of Deutsche Card Services. The transaction is subject to regulatory approvals.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now