Commerzbank and U.S.-based Global Payments announced on Thursday that they are to set up a joint venture specializing in digital payment services for German SMEs.

The company, named 'Commerz Globalpay', will be operational in the first half of the year, with the aim of becoming a 'one-stop' platform for business customers.

It is to encompass a smartphone payment application enabling merchants to accept mobile payments without a card reader, modern terminals and mobile payment and e-commerce solutions, all integrated to offer a 'multi-channel' experience.

In addition, business customers will have access to a variety of services ranging from cloud-based point-of-sale software to loyalty programs, analytics and customer engagement tools.

Commerzbank will own 49% of the joint venture, which will be based in Frankfurt, while Global Payments will control 51%.

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