Germany’s Commerzbank has announced the creation of a joint-venture with US payments provider Global Payments.

The new company, dubbed Commerz Globalpay, will offer digital payment solutions to small and medium size business customers across Germany.

Commerzbank said that the new company is expected to launch in the first half of 2024 and will provide “a comprehensive suite of innovative omnichannel payment and software solutions at scale, providing a one-stop-shop for merchants to run and grow their businesses more efficiently”.

Global payments will own 51 per cent of the company, with Commerzbank holding the remaining 49 per cent.

Thomas Schaufler, member of the Board of Managing Directors responsible for Private and Small-Business Customers at Commerzbank, said: "With this joint venture with Global Payments, we are investing in modern forms of payments at the highest level. Through simple solutions, new products, and technologies provided by Global Payments, we are creating an optimal experience for Commerzbank customers. This makes the project an important part of our strategy update to create added value and excellence for our customers.”

Cameron Bready, president and chief exec of Global Payments, said: “Commerzbank is the ideal partner to expand our presence in Germany to deliver industry-leading services to merchants across the country. This joint venture significantly enhances distribution for our distinctive payment offerings and commerce enablement solutions in an attractive growth market where there are substantial opportunities to digitise the payment experience.”

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