Banco Santander has shared its intention that it is expanding its digital technology reach and therefore going to spend EUR20 billion on this arena in the next four years, putting it straight that Ripple blockchain-powered One Pay FX is going to benefit from this expansion funds.
The international bank is improving its IT infrastructure towards a multi-cloud environment with global platforms supported by agile methodologies, Finextra has published.
According to the bank, the expansion will also favour Santander’s real time mobile payment system, One Pay FX. The app would be extended to non-customers via a different open market application branded as Pago FX that is to be launched in three countries for SMEs and individuals: the UK, Germany and Poland.
While the bank will also be implementing machine learning and robotics, re-engineering processes and negotiating provider contracts on a large scale basis, it also intends to universally expand Getnet, the international bank’s Brazilian merchant services platform.
Santander says it intends to first start from Mexico and then expand to Europe and Latin America.
At Banco Santander’s annual investor day, Ana Botin, executive chairman says:
“Technology is changing banking as we know it and we are positioning the company to capitalise on the world class assets we have across the Group, including our technology, talent and scale. This will allow us to benefit from the opportunities presented by digital innovation and will result in us becoming a digital leader in global financial services for the next decade.”
Santander has benefited from Ripple partnership. One Pay FX, which was co-developed by Ripple Lab, saw 230% growth in 8 months. This is no doubt a development for Santander especially this time that banks are closing down owing to deficit in innovations that can bring in more customers.