Deutsche Bank AG and financial technology provider Fiserv announced on Monday they agreed to form a joint venture (JV) in Germany which will be a "comprehensive provider of payment acceptance and banking solutions."

According to the companies, the JV will serve small and medium-sized enterprises (SMEs) in Germany by combining Fiserv's Colver payment acceptance system with Deutsche Bank's integrated banking services.

The JV, which is awaiting regulatory approval, will be based in Frankfurt.