Santander Global Corporate Banking has turned to UK startup BiBox to help it more quickly and easily integrate technology from fintech startups.
Run by a group of FS industry veterans, BiBox is working with Santander Global Corporate Banking to deploy its ‘curation and industrialisation’ offering, which enables smaller fintech firms to provide their tools within end-to-end workflows that banks can consume more readily within the confines of scale and regulation.
BiBox claims that its platform will enable Santander to quickly integrate new technologies across all business units faster than traditional on-boarding methods via its digital marketplace, resulting in cost-savings, faster speed to market, greater standardisation and data sharing in a compatible and compliant manner.
AI, blockchain and client lifecycle management have already been selected as the fintech "micro-services" for integration within a proof-of-concept set to be completed next month.
Christophe Pechoux, global head, innovation, Santander, says: "The financial industry is entering an era where collaboration will be one of the gears for exponential growth. Accelerating integration and distributing cutting edge technologies that better serve the end client is now fundamental. One way to achieve this model is via an orchestrator, such as BiBox, which connects bans and fintech partners."