Bitpanda Partners with Deutsche Bank for Payments Processing

Share
Bitpanda Partners with Deutsche Bank
Bitpanda users can now access German international bank account numbers (IBANs), converting crypto to fiat and vice versa in real time

Deutsche Bank has partnered with Austrian cryptocurrency exchange Bitpanda to offer real-time payment solutions for its customers in Germany. This partnership marks a major step forward for both parties, as it allows Bitpanda to integrate transactional accounts and provide a more streamlined experience for its users.

Under the agreement, Deutsche Bank will provide Bitpanda with access to German IBANs, enabling the exchange to process fiat transactions in real time. This means that Bitpanda's customers will be able to make and receive payments instantly, without the need for intermediaries or lengthy processing times.

A 'cautious' step forward

The partnership is seen as a 'cautious' step into the world of cryptocurrency for Deutsche Bank, which has been slow to adopt blockchain technology. However, by partnering with Bitpanda, the bank is able to tap into the growing demand for cryptocurrency-related services.

For Bitpanda, the partnership represents a major opportunity to expand its reach and improve its user experience. By integrating transactional accounts, the exchange can offer its customers a more seamless and efficient experience, which is critical in a competitive market.

The partnership is also significant because it marks a major milestone for Bitpanda's growth in Germany. The exchange has been expanding its operations in the country, and this partnership will enable it to offer its services to a wider audience.

The use of German IBANs will also enable Bitpanda's customers to make and receive payments directly from their bank accounts, which is a major advantage over traditional payment methods. This will help to increase adoption and reduce friction for users who are new to cryptocurrency.

The partnership between Deutsche Bank and Bitpanda is representative of the growing demand for cryptocurrency-related services. As more institutions and companies begin to explore the potential of blockchain technology, we can expect to see more partnerships like this in the future.

Last year, Bitpanda made several high-profile strategic partnerships with banking institutions, including Erste Bank and Italian bank Banco BPM. More recently, Bitpanda partnered with Austria’s RLB NÖ-Wien, making it the first major traditional bank in Europe to offer digital assets trading.

Bitpanda's USP

Bitpanda has a unique approach to handling user deposits. Unlike most cryptocurrency exchanges, Bitpanda doesn't require users to go through a lengthy verification process to deposit funds.

Instead, Bitpanda uses a "trust-based" system, where users can deposit funds directly from their bank accounts without verifying their identity. This approach is made possible by Bitpanda's use of advanced risk assessment algorithms and machine learning models, which enable the exchange to assess the risk of each deposit and automatically approve or reject it.

This approach has been praised for its convenience and ease of use, making it a popular choice among cryptocurrency users in Europe.

******

Check out the latest edition of FinTech Magazine and sign up to our global conference series – FinTech LIVE 2024

******

FinTech Magazine is a BizClik brand.

Share

Featured Articles

Launching in 2025… The FinTech Survey

Shaping the future of finance, FinTech Magazine launches a comprehensive global fintech survey for 2025

Mastercard and Amazon Payment Services ink MEA Deal

Mastercard & Amazon to accelerate digital payment acceptance across nine countries, leveraging Mastercard Gateway technology

Klarna Partners with Adyen for In-Store BNPL Rollout

Swedish fintech giant to launch buy now, pay later services on Adyen's payment terminals across Europe, North America and Australia

FinTech LIVE Dubai - Speaker Sessions

Tech & AI

One Month to Go Until FinTech LIVE London

Financial Services (FinServ)

FDIC Proposes Rules Overhaul for Bank-Fintech Partnerships

Financial Services (FinServ)