Santander CIB, SAP Team to Digitize Transaction Banking

Santander Corporate and Investment Banking (CIB) announced Tuesday (July 26) that it has entered a new strategic partnership with SAP Spain, aiming to boost digitalization across Global Transaction Banking services by stimulating co-innovation.

Specifically, the partnership will focus on solutions around the concept of invisible banking, improving client-to-bank connectivity and providing financial tools to help each firm’s clients navigate supply chain disruptions and accelerate the decarbonization of their industrial activities.

In the first initiative between the partners, Santander CIB has enhanced its connectivity capabilities by joining SAP Multi-Bank Connectivity (MBC), making it the first European Union bank to do so.

On the news, Jose Luis Calderon, head of Global Transaction Banking at Santander CIB, said, “This partnership is a step forward in the digitalization of the solutions we provide to our clients, with a strong focus on connectivity, supply chain management and energy transition.

“We already have a strong transaction banking solutions portfolio in Europe, America and Asia that help our clients navigate the complexity of doing business globally. This valuable proposition comes from the combination of understanding their needs and their daily challenges, leveraging on latest technology that SAP can deliver and the depth and breadth of our product offering.”

João Paulo Silva, senior vice president and general manager, SAP South Europe and Francophone Africa, added that “this agreement, which brings together SAP’s technology and Santander’s products and services, is an example of co-innovation and demonstrates the importance both companies place on improving operational efficiency and customer experience. We look forward to seeing the positive impact it has on our customers.”

Across its businesses, the Santander group is striving to become a leader in banking technology and foster a culture of innovation.

See also: PagoNxt CEO: Blurring of Bank, FinTech Lines Will Drive EU Payments Growth

Javier San Félix, the CEO of Santander’s payment processing subsidiary PagoNxt, recently told PYMNTS there are key benefits to being an “established player from the banking system, while at the same time, bringing a FinTech touch to how we do things.”

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