Commerzbank is set to expand its credit card offering to corporate clients in Germany by adding a fully digital card with card management and usage capabilities.
The new service is expected to launch in the third quarter, Commerzbank said in a press release on Tuesday (June 18).
“Our new digital credit card solution will enable our customers to make their billing process more efficient and save costs and time,” Tobias Nohl, head of value stream accounts and payment methods at Commerzbank's private and small business customers division, said in the release.
According to the release, the new fully digital solution will enable business customers to manage their card portfolio themselves and integrate it into their billing processes.
This will make it easier for companies to issue new cards to employees and limit card usage to specific periods or purposes, according to the announcement.
To introduce the new service, Commerzbank has partnered with Pliant, a German startup that provides credit card solutions, according to a press release.
“Pliant's hypothesis has been that long-term success is only possible in cooperation with banks,” Pliant CEO Malte Lau said in the release. “That's why we're pleased to support Commerzbank as a strong partner to its German SME clients with our innovative credit card solutions.”
According to the release, the cooperation between the two companies was initiated by neosfer, the early-stage investment arm of Commerzbank Group, which has worked with Pliant since 2021 to invest in 36 startups focused on the digital transformation of financial services.
“This cooperation between Pliant and Commerzbank once again underlines our approach to ultimately create added value for Commerzbank's clients,” Matthias Reiss, managing director at Neosfer, said in the release.
Virtual cards allow customers to instantly obtain and change cards with just a click, and seamless solutions like mobile apps capture transaction data and send it directly to the accounting department, Lau said in an interview with PYMNTS published in January.
“This is a key driver of business card adoption and solves a pain point that traditional banks have overlooked,” Lau said.
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