Banco Santander announced on Thursday it has signed a deal with Intellect Transaction Banking (iGTB) to implement iGTB’s Intellect Payments Services Hub (IPSH). According to Santander, iGTB’s IPSH directly upgrading the bank’s own infrastructure – and is an early example of European banks’ commitment to IT investment in 2018. Speaking about the IPSH implementation, Manish Maakan, CEO of iGTB, stated:
“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. Santander have shown great skill in covering Europe, North America and of course has especial links to Latin America.”
Santander also reported that 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.”
Santander then added its clients will benefit from accessing its services via a state-of-the-art new single platform – available through multiple channels – from which they may initiate and track all of their incoming and outgoing payments.