Traxpay at Forum Firmenkundenbetreuer: “We are open to new banking partners”
At the Forum Firmenkundenbetreuer, Michael Dietz, Global Head of Trade Finance Flow at Deutsche Bank, and Traxpay CEO Markus Rupprecht exchanged views on partnerships between fintechs and banks in the development of Supply Chain Finance solutions. The motives for the cooperation between Deutsche Bank and Traxpay as well as Traxpay’s special features as a multi-bank platform were discussed.
How did the cooperation between Traxpay and Deutsche Bank come about?
“Fintech versus banks is a belongs to the past,” Dietz said. “Banks often have other priorities than operating with the agility of a fintech like Traxpay. Collaborations, on the other hand, add value for both parties.” With the cooperation, Deutsche Bank has expanded its Supply Chain Finance business, in which it was already heavily involved before its investment in Traxpay.
“For us, it’s important to retain the fintech’s energy and creativity to ensure the rapid development of products,” Dietz elaborates. “This is still formative for our cooperation today, and Traxpay also feels comfortable in the Deutsche Bank environment.”
Is Traxpay open to more banks as investors?
Germany’s largest financial institution invested in Traxpay just last year, but both Traxpay and Deutsche Bank welcome the participation of other banks. “We have a common strategy, and that is to operate and grow together with many banks,” Markus Rupprecht explains. “We will deliberately include several banks in the circle of investors and constantly expand our network.”
Dietz reiterates his belief in the Supply Chain Finance platform as a banking product and the basic idea of cooperation between fintechs and banks: “We’re all about getting a lot of banks on board now so that the network effects and strengths of Traxpay can be fully leveraged.”
What is the role of corporate account managers?
The corporate account manager has a key position for marketing the product. He or she must understand the bank’s long-term needs – that the success of the collaboration is more important than specific metrics – and therefore drive the collaboration. Addressing the customer on a daily basis creates a dynamic: “In this way and through positive feedback from customers, a bank redefines itself. At Deutsche Bank, you can feel this effect in the cooperation when management commitment and positive energy from the broad mass of corporate account managers meet,” says Dietz. “At the same time, it is not enough to address only the treasury departments as it is no longer effective these days, because Supply Chain Finance affects treasury, IT and procurement in equal measure.
Markus Rupprecht adds: “A corporate account manager is happy about every innovative product that he can bring to the market. If he understands the product and its benefits, then he is happy to carry it to the customers and receives positive feedback accordingly.”
Where will Traxpay be in five years?
Markus Rupprecht sees Traxpay as a major player from Europe: “As a platform supported by banks, we are well on the way to combining the banks’ desire for fast and agile action with the customers’ need for flexible financial partners.”