Deutsche Bank and Mastercard form Open Banking payments partnership

Source: Mastercard Open Banking

Deutsche Bank and Mastercard are proud to announce a strategic partnership designed to accelerate the evolution of Open Banking and redefine the payment experience for merchants and consumers across Europe.

The collaboration will elevate Deutsche Bank’s Merchant Solutions offering, particularly its Request to Pay (R2P) service, by introducing new levels of choice, flexibility, and efficiency with account-to-account based payments on Mastercard’s trusted Open Banking network.

With Open Banking and account-to-account (A2A) payments rapidly gaining momentum across Europe this partnership positions Deutsche Bank and Mastercard at the forefront of payment innovation, enabling merchants to offer “Pay by Bank” functionality through Deutsche Bank’s Merchant Solutions.

The partnership empowers merchants to leverage R2P as a preferred payment method, giving consumers the ability to authorize payments directly from their bank accounts with real-time processing and immediate confirmation. Mastercard’s Open Banking technology will be fully integrated into Deutsche Bank’s platform, supporting faster settlement, enhanced reconciliation, and greater payment transparency.

“This partnership with Mastercard marks a pivotal moment in the growth of Open Banking,” said Killian Thalhammer, global head of merchant solutions at Deutsche Bank.

“Together, we are delivering innovative merchant solutions that reflect the needs of a digital-first economy – secure, instant, and built for scale.”

Valerie Nowak, executive vice president, head of Open Banking, Mastercard Open Banking Europe, added: “Our long-standing collaboration with Deutsche Bank showcases the power of partnerships in transforming how people and businesses interact with money.

“With the further expansion of our partnership, we combine our Open Banking payments technology with Deutsche Bank’s payments expertise and big merchant base across Europe, and together we’re shaping a future where account-based payments are becoming the new norm.”

As European consumers and merchants increasingly demand faster, more cost efficient, and more secure ways to pay, Deutsche Bank and Mastercard are delivering solutions that set new benchmarks. This collaboration not only reinforces Deutsche Bank’s role as a leading force in the payments landscape, but also positions R2P as a compelling alternative to card payments, offering choice, efficiency, and innovation.

Existing customers of Deutsche Bank RTP will be smoothly transitioned to the new platform.

Further reading: Cardstream collaborates with Mastercard on Open Banking payments