Degussa Bank starts Co-operation with Fintech Giromatch

The Frankfurt-based startup company Giromatch and the German Degussa Bank AG have agreed to work closely, together launching a new innovative product. Giromatch extends its position as an API-based IT service provider.

Degussa Bank relies on the agility and efficiency of fintech companies, whilst Giromatch benefits from the know-how and the network of Degussa Bank.

Giromatch’ task is to provide digital services as a white label solution via its API platform. The working cooperation will start with a pilot project. Corporate customers will be able to use a virtual VISA-credit card for shopping with Amazon Business in a simple and flexible manner. Customers also benefit from a liquidity advantage due to longer payment terms. Giromatch and Degussa Bank will continually observe the customers’ feedback to further develop the digital application route and to transfer experiences to other product groups.

For the joint pilot project, Giromatch will access all digital information of the applicants via an application programming interface (API) and summarize it for Degussa Bank in the shortest possible time. A vital element for example is the digital account view, which enables a detailed and immediate overview of the financial data of a company, therefore creating the basis for loan decisions. The legal background delivers the European payment service directive PSD2, which has been effective since 13th January this year.

"Giromatch is specialized in digital credit solutions and automated customer onboarding. We have been able to create an optimally coordinated process on a green field, an advantage which banks can hardly imitate,” explains Giromatch founder and MD, Robin Buschmann.

“That is why such a project cooperation can be regarded as a natural symbiosis of banks and fintech companies. We are proud having Degussa Bank as a strong partner, who follows the  same goals we do.”