Deutsche Bank partners with Modo to expand its digital payments offering
(28 August 2018 – Global) Deutsche Bank has announced its acquisition of an equity stake in US-based digital payments platform ModoPayments.
Modo’s technology will help the bank expand its existing digital business-to-business and business-to-consumer payments business. Of particular advantage will be the bank’s ability to extend payments into non-bank payment platforms such as Alipay, PayPal, M-Pesa and WeChat beyond traditional banking channels.
“Payments are the bloodline of banking. More and more global payments are executed electronically via Fintech and online platforms. Our investment and partnership with Modo will help us 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,” said John Gibbons, head of global transaction banking at Deutsche Bank.
Bruce Parker, founder and CEO at Modo added, “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 providers that can implement our technology on a global scale and further our reason for being.”
Subscribe