Deutsche Selects Two Firms' E-Commerce Software
Kutler, Jeffrey, American Banker
Two software companies active in the U.S. electronic commerce market have announced contract signings with the biggest bank in the world.
To secure payments for Internet merchants, Deutsche Bank of Frankfurt has turned to Trintech Group and its PayWare NetHost system.
And for data security at the corporate level, the bank has licensed TrustBroker Security Solution from Cybersafe Corp. of Issaquah, Wash.
The deals are votes of confidence in the vendors. They also underscore Deutsche Bank's potential to influence the rest of the increasingly globalized and Internet-connected banking industry's approaches to e-commerce and information security. Deutsche Bank bolstered its credentials in these areas through its acquisition this year of New York-based Bankers Trust Corp., an Internet pioneer in its own right and a co-founder with Deutsche and other multinationals of the business-to-business digital certification venture Identrus.
Both Trintech and Cybersafe have been cultivating relationships with financial institutions of international stature.
Trintech, which has headquarters in Dublin, Ireland, and San Mateo, Calif., has staked out a strong position in consumer payment processing. PayWare NetHost is designed to serve multiple merchants through hosted sites, as in Deutsche Bank's shop
The $800 billion-asset bank is parlaying its status as Germany's largest credit card merchant processor to become a commerce service provider, which only a few banks have done. Other technology components of shop