Monday, June 24, 2024

Deutsche Bank partners with Moss to facilitate payment transactions between its platform and customers

Moss, the award-winning software solution for holistic expense management, is today announcing a new partnership with Deutsche Bank. The development comes after Moss was granted a European E-Money Institute (EMI) license last year by one of the EU’s most rigorous financial regulators, BaFin. The partnership with Deutsche Bank is the first step for Moss to be able to offer payment services under its own license in the future.

Stephan Haslebacher, COO and co-founder of Moss said, “Deutsche Bank is a pioneering, trusted partner for many FinTech startups and was able to convince us in the selection process. After a long and detailed examination, we decided on this partnership to advance our European business. Deutsche Bank will handle the receipt, custody and shipping of all funds for Moss. As the first new change, our European customers will receive German IBANs, as requested.”

In Q3, Moss’s EU Debit customers will be migrated to Deutsche Bank, which will hold all funds moving forwards. With a German IBAN and the ability to make instant transfers, customers will experience less friction when topping up and withdrawing funds and will be able to do so 24/7.

As a result of the partnership, more than 2,000 SMEs in eight countries will have access to Europe’s strongest card product. Moss focused on three criteria when selecting a partner; it was important to the team that the potential partner had significant and meaningful references in the industry and represented the same standards of quality and care. In addition, priority was placed on the bank’s technical infrastructure as a means to map the future growth of Moss internationally as well.

“There is a strong desire in the market to further digitise and automate financial processes and payments. With our solution, we want to help companies reach their full potential. This vision drives us every day and motivates us to always think one step further,” explains Moss co-founder Stephan Haslebacher. In order to advance the team’s common mission, the product is to be continuously adapted to customer requirements and improved, as is now happening with the assignment of German IBANs.

“A partner must understand our business and take us seriously as a regulated institution. We attach great importance to goal-orientated cooperation,” Haslebacher stated, explaining the choice.

Together, Moss and Deutsche Bank mastered the challenges they encountered during the initial stages of the partnership, setting the stage for frictionless and dynamic collaboration: “We had to get used to the processes of a global bank, and Deutsche Bank, in turn, had to adapt to our pace,” says Haslebacher.

The partnership with Deutsche Bank is the first step for Moss to be able to offer payment services under its own license in the future. According to Haslebacher, customers can look forward to instant transfers and completely new products in addition to the German IBANs. The company plans to announce more details in the second half of the year.

Kilian Thalhammer, Head of Merchant Solutions, Deutsche Bank: “Moss won us over with its pioneering product and technology. We want to support the Moss team to grow in the core market of Germany and to expand into other markets. The partnership is a good example of how Deutsche Bank supports innovative business models in the FinTech industry with global financial services.”

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