The new entity has been introduced to meet market demand for user-friendly, integrated solutions that enable them to accept payments and move and manage money, says the German bank.

Vert promises clients faster payments, modern technology, acceptance of common payment types and an online dashboard providing transaction data and other business reports.

Thorsten Woelfel, managing director sales & product at Vert, says: “By combining the strength of Deutsche Bank, Germany’s largest bank, with Fiserv, the world’s largest merchant acquirer, we can provide our vert members with a secure, fast and technologically advanced payment acceptance solution."

For merchants, vert offers a portable payment device for accpeting a broad range of payments and includes a tip function and apps that facilitate better business management. This is combined with a mobile app that enables merchants to use their own Android smartphone or tablet as a contactless payment terminal. Users can also take up a portable card reader for accepting card payments at the counter and at the table without having to carry around a heavy device.

Further down the line, vert plans to rollout services for online payment acceptance and for currency conversion.

“Vert brings together the expertise of two market leaders in cash management and payment acceptance technology," says Kilian Thalhammer, head of merchant solutions at Deutsche Bank. "In co-operation with Vert, we can provide accounts, payment solutions and banking services to our SME customers.”

Deutsche Bank, together with its Postbank and Fyrst brands, has around 800,000 SMEs who will be able to access the new service, with some merchants already live. The joint venture will also offer services to non-Deutsche Bank-clients and is expected to employ a low triple-digit workforce.