Financial institution Santander is looking to “future-proof” its corporate payments services through adopting technology from Intellect Global Transaction Banking (iGTB), the firms announced Thursday (July 5).
In a press release, Banco Santander revealed it would implement iGTB’s Intellect Payments Services Hub (IPSH) into its Santander Corporate & Investment Banking unit. The move upgrades Santander’s underlying infrastructure, which includes a Payments Engine for the financial institution (FI) to offer its corporate clients a cash management and transactional services. Businesses can monitor incoming and outgoing payments and gain access to operational controls, the firms explained.
Santander noted it will be able to expand its reach into Latin America with the integration, which will also roll out across Europe.
“In line with our strategy of focusing on innovation to increase customer loyalty and operational excellence, this digital transformation of our payments services is excellent news for both us and our corporate clients,” said Santander Head of Global Transaction Banking José Luis Calderón in a statement. “This initiative will boost operational efficiency and scalability, giving a solid foundation for sustainable business growth, improving even more Santander Cash Nexus — our Global Cash Management solution — and we’re confident our clients will love the consistency, efficiency, flexibility and speed of our new system.”
The IPSH solution allows for streamlined customer onboarding, iGTB noted, and supports Santander’s processing of greater transactional volume. Corporates can access the tool across multiple channels.
“This will set the standard for European banks in terms of client service and efficiency — not only in Central and Eastern Europe, where most banks are playing digital catch-up, but also in more developed markets,” said iGTB CEO Manish Maakan. “Santander [has] shown great skill in covering Europe, North America and, of course, has special links to Latin America.”
In another collaboration targeted at the corporate payments space, Santander revealed a partnership with Infosys Finacle last month to enhance the FI’s interbank cash management solution for business customers.