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Deutsche Bank AG said Tuesday it is offering European-wide credit and debit card clearing and settlement services through a new company called Deutsche Card Services GmbH, a fully owned bank subsidiary. The move comes as Europe moves toward a cross-border payment system called the Single Euro Payments Area. "With Deutsche Card Services, we are now addressing the growing demand for pan-European solutions in the cards area," Werner Steinmueller, the bank's head of global transaction banking, says in a statement. Bank officials could not immediately be reached for comment Tuesday. The bank's card-services unit will rely on technology from Germany-based acquirer and payments-services firm Pago eTransaction Services GmbH. Deutsche Card Services will absorb Pago's staff and its "technical infrastructure," a Pago spokesperson tells CardLine Global. "Pago will still exist," the spokesperson says, with Pago "serving as a partner" for the Deutsche Bank venture.
