Santander spends big on digital technology
(3 April 2019 – Europe) Over the next four years Banco Santander has committed to spending €20 billion on digital technology, with payments the cornerstone of the platform.
The Spanish bank plans to extend One Pay FX, its real-time mobile money transfer system developed in concert with Ripple, to non-customers through a standalone open market app called Pago FX which will be launched in the UK, Germany and Poland for individuals and SMEs in the near future.
Getnet, the Bank's Brazilian merchant services platform will also be expanded globally, initially starting in Mexico before expanding across Latin America and Europe.
Investment will also be directed towards the creation of a Global Trade Services platform with the goal of becoming the partner of choice for SMEs that trade internationally. Previously accessible for corporates only, this platform will offer trade finance, supply chain, payments, and foreign exchange, to small and medium businesses.
Santander is aiming to slash €1.2 billion in annual costs as it transitions its IT infrastructure towards a multi-cloud environment.
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