Deutsche Bank announced on Tuesday it has acquired Quantiguous Solutions, an India-based software company, to strengthen its Global Transaction Banking franchise. Deutsche reported that with the help of Quantiguous it will accelerate the development of its Open Banking platform that forms the core for developing innovative client applications and connecting corporate clients, fintech and partner companies to the bank’s Transaction Banking platforms and services.
While sharing more details about the acquisition, John Gibbons, Head of Global Transaction Banking of Deutsche Bank, stated:
“The future of banking depends on connectivity which is key to drive growth for our global franchise. The need to provide an easy-to-use, seamless customer experience, with new digital services offered across a broad number of touchpoints has never been greater.”
Thomas Nielsen, Chief Digital Officer, Global Transaction Banking at Deutsche Bank, also commented:
“This acquisition significantly ups the game for Deutsche Bank’s Open Banking strategy. The injection of this high-quality talent pool from Quantiguous into the bank’s digital franchise will help us go to market faster.”
Akhilesh Kataria, Founder and CEO, Quantiguous Solutions, then shared:
“We are excited to become part of Deutsche Bank. This is a remarkable opportunity for us to build an Open Banking platform on a global scale, with an international bank that is committed to the concept of Open Banking. We have always believed that this is the foundation for a connected financial ecosystem.”
Deutsche Bank then added that as part of the acquisition it will take over all employees of Quantiguous, who will join the core team responsible for the development and roll-out of the transaction bank’s global API programme. The bank and Quantiguous didn’t disclose the value of the transaction.