Written by PYMNTS
“Payments are the bloodline of banking. More and more global payments are executed electronically via FinTech and online platforms,” John Gibbons, head of global transaction banking at Deutsche Bank, said in a press release. “Our investment and partnership with Modo will help us to provide our corporate and institutional clients with new digital payment functionalities and accordingly more flexibility in facilitating these transactions. Going forward, we will be able to directly process payments to mobile wallets and app-based payment solutions.”
Modo’s technology will enable Deutsche to expand its existing digital business-to-business and business-to-consumer payments business, with one goal being to extend payments into non-bank payment platforms such as Alipay, PayPal, M-Pesa and WeChat.
“Modo’s technology will allow us to provide new transaction services and payment alternatives for the rapidly growing digital economy — for example, vendors who provide products or services like entertainment content or application development and want to be paid in their mobile wallets, an important area of growth,” adds Michael Spiegel, global head of Deutsche Bank’s cash management.
Founded in 2010, Dallas-based Modo has partnered with some of the largest players in the financial industry.
“The Modo team is focused on doing the most good for the most people by reducing friction in payments. That is why we do what we do every day, and this partnership with Deutsche Bank is a great opportunity to work with one of the world’s largest payment providers that can implement our technology on a global scale and further our reason for being” said Bruce Parker, founder and CEO at Modo. “We’re excited to see where this relationship can take us and how we can continue creating interoperability between payment systems around the world.”