Deutsche Bank and Mastercard are collaborating to enhance open banking payments for merchants and consumers throughout Europe.
Open banking and account-to-account (A2A) payments are rapidly gaining traction in Europe, especially with the EPI’s Wero wallet, which Deutsche Bank supports as an alternative to Mastercard and Visa.
The partnership aims to strengthen Deutsche Bank’s Merchant Solutions, particularly its Request to Pay (R2P) service. This collaboration will introduce new levels of choice, flexibility, and efficiency by utilizing A2A-based payments on Mastercard’s open banking network.
Merchants will be able to provide pay-by-bank functionality through Deutsche Bank’s Merchant Solutions, allowing shoppers to authorize payments directly from their bank accounts with real-time processing and immediate confirmation using R2P as a preferred payment method.
Mastercard’s open banking technology will be fully integrated into Deutsche Bank’s platform, which is expected to lead to faster settlements, improved reconciliation, and enhanced payment transparency.
Valerie Nowak, EVP and head of open banking at Mastercard Open Banking Europe, stated, “With the further expansion of our partnership, we combine our open banking payments technology with Deutsche Bank’s payment expertise and extensive merchant network across Europe, shaping a future where account-based payments become the new standard.”