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Deutsche Bank DB has acquired an equity stake in ModoPayments, LLC, with an aim to further expand its transaction banking franchise. ModoPayments is a payment technology company based in Dallas, TX.
ModoPayments is regarded highly in the digital payment innovation arena. Its current clientele includes big names like Bank of America BAC, FIS FIS, Verifone, Alliance Data and Mastercard MA.
The deal will help Deutsche Bank to include various non-bank payment platforms to its existing digital business-to-business and business-to-consumer payments services. Alipay, Paypal, M-Pesa and WeChat are some of the non-bank platforms, where transactions take place through mobile wallets or peer-to-peer networks.
On this deal, John Gibbons, head of Global Transaction Banking, informed “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 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.”
ModoPayments’ management is enthusiastic about this deal as it is likely to enable the company to implement its technology on a global level.
Further, the bank's management expects ModoPayments to bring in new options for providing payment and transaction services to its customers. With the growing usage of digital services, this is expected to attract potential customers, who want to make use of such services.
Deutsche Bank’s shares have decreased around 31.2% in the past year compared with the industry’s decline of 8.6%.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Bank of America Corporation (BAC) : Free Stock Analysis Report
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