Deutsche Bank extends its European Cash Management offering with the launch of Deutsche Card Services

Deutsche Bank will further extend its leading cash management product range into the merchant acquiring business, providing credit/debit card clearing and settlement solutions throughout Europe, said the bank in a press release. rnrnThis new business line will be managed by Deutsche Card Services GmbH, a 100%-owned subsidiary of Deutsche Bank,rnwith its registered headquarters in Frankfurt. rnrnThis adds yet another feature to Deutsche Bank’s comprehensive suite of receivables products for its global client base. Cash management is part of Deutsche Bank’s fast growing Global Transaction Banking business.rnrnWerner Steinmueller, Head of Global Transaction Banking said, “As the leading provider of payment transaction services throughout Europe, Deutsche Bank has already decisively contributed to and supported the process of introducing SEPA. With Deutsche Card Services, we are now addressing the growing demand for pan-European solutions in the cards area. “rnrnDeutsche Card Services will be launched on the basis of the reliable platform and expertise of Pago eTransaction Services GmbH (“Pago”).rnrnPago is the technology leader in card-based online payments, offering systems for the processing of electronic payments to companies in the e-commerce sector, mail order business as well as brick-and-mortar retailing. rnrnDeutsche Bank has taken on the staff as well as the technicalrninfrastructure of Pago, whose clients will continue to be served by the team with which they are familiar.rn