The Payments Case Study report “Implementing a Market Leading Global Payments Platform,” by highly respected analyst Erika Baumann, shows how Santander, one of the largest banks in Europe and the 16th largest banking institution in the world, “created a market-leading global payments platform that did not previously exist in the market” by partnering with iGTB and using iGTB’s Payments Service Hub.
Implementation of this platform led to an enviable 70% average improvement of key performance indicators around client implementation time, transaction processing, and connectivity.
The platform provides Santander corporate clients with a unified payment experience with robust payment capabilities to access local schemes for domestic and cross border transactional needs and helped Santander to bring future-forward functionality and roadmap – including access to instant payments, real time liquidity, API based models and cloud based models – to the market.
The case study also highlights how iGTB’s core market expertise and knowledge of the core markets Santander operates in (including Europe, the US and Latin America, specifically Brazil and Argentina that have complex regulatory environments and financial cultures) made it the vendor of choice for Santander in its transformation journey and how the deep partnership and synergy between the two made these results possible, and shifted Santander’s position in the market from an innovative regionally local bank to a true global payments leader.
Their success can be yours
Recognizing that changing the payment platform is changing the heart of the bank, the partnership between Santander and Intellect has allowed Santander to bring the heartbeat and finish line of the future into today’s reality.
What Santander has achieved is very impressive - to provide such a strong and consistent global customer service with rapid customer responses and catering for so many different country regimes. I am committed to corporate bank transformation and so I am delighted that iGTB played its part in the bank's success from this single, global installation. This independent report adds another success story to validate our claim that the world’s best corporate banks bank on iGTB.
The partnership between Santander and iGTB has created a market leading global payments platform that did not previously exist in the market. With the implementation of this new platform, Santander was able to transform its earlier limitations, arising of its unique structure of local subsidiaries operating as independent financial institutions catering to local payment networks and regulations, into a clear market advantage, maintaining the local payment capabilities and relationships while creating a unified, single global payments platform. From a market perspective, the innovations reached through this partnership have created a new path for financial institutions to adopt a similar approach to streamline global operations, increase payments performance, penetrate local payment networks, and reduce client implementation timelines.