B2B Payments

Amazon Business Payments Eyed With Giromatch, Degussa Bank Collab

Germany’s Degussa Bank and FinTech Giromatch are teaming up to help businesses procure via Amazon Business and manage cash flow.

An announcement last week said corporate customers of Degussa will be linked to a virtual card they can use to make purchases off Amazon Business. Giromatch will integrate its “digital account view” capabilities for Degussa via application programming interface (API), enabling the bank to make faster business loan decisions with access to transaction data.

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

“In our pilot project, Giromatch takes on tasks which require fast and continuous amendments,” added Degussa’s Head of Card Business Advisory & Services Silke-Christina Kummer in another statement. “Furthermore, a small and agile company like Giromatch works in a very efficient manner. This is for the benefit of all our customers.”

Amazon Business recently expanded throughout Europe after initially launching in the U.K. and Germany. The platform announced its rollout in France earlier this month.

“The launch of Amazon Business on amazon.fr enables multinational businesses with entities in Europe to continue to streamline their purchasing, whilst also providing new exporting opportunities for smaller U.K. businesses who sell on the Amazon Business Marketplace,” stated Amazon.co.uk Head of Amazon Business Bill Burkland at the time.

Degussa has inked partnerships with other B2B FinTechs in the past: Last year, the financial institution announced a renewal of its partnership with TSYS to provide financial products and services to corporate clients of the bank.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.