Intellect Global Transaction Banking (iGTB), the corporate banking technology provider from Intellect Design Arena Limited, and Banco Santander, the euro zone's largest bank by market capitalisation, have agreed a deal to implement iGTB's Intellect Payments Services Hub (IPSH)- bringing next-generation payments capabilities to its corporate clients.
"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," says Manish Maakan, CEO of iGTB. "Santander have shown great skill in covering Europe, North America and of course has especial links to Latin America."
Continuing a decade-long partnership between the two firms, the deal positions Santander Corporate & Investment Banking, Santander's global wholesale division, at the forefront of digital corporate payments innovation. iGTB's IPSH, however, represents is a shift in gears - directly upgrading the bank's own infrastructure - and is an early example of European banks' commitment to IT investment in 2018.
José Luis Calderón, Head of Global Transaction Banking, Santander, says, "In line with our strategy of focussing 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. 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 deal also enables the bank - a major gateway to Latin America - to offer best-in-class digital services in a region.
iGTB's IPSH will allow Santander to be extremely agile and nimble in on-boarding new customers -significantly reducing its time to market. Deployed from a single, centralised location, and coming with its own dedicated Payments Engine (back office), the platform also enables Santander to update and expand its global cash management offering to new countries - introducing new products and processing payments in far greater volumes than before.This means the bank can scale its operations seamlessly as it takes on new business.
The bank's clients will benefit from accessing its services via a state-of-the-art new single platform - available through multiple channels - from which they can initiate and track all of their incoming and outgoing payments. New dashboards and workflow tools make it simple to control and monitor payments - with superior operational controls such as advanced payment prioritisation, payments throttling and real-time monitoring - while also allowing for quick adaptation and customisation.