Santander in deal to boost FinTech integration
Written by Anthony Strzalek
Santander has teamed up with UK startup BiBox in a move designed to boost innovation by accelerating FinTech onboarding into the bank.
The partnership will enable Santander to quickly integrate new solutions and technologies across all business units faster than traditional onboarding methods via its digital marketplace, resulting in cost savings, faster speed to market, greater standardisation and data sharing.
Artificial intelligence, blockchain and client lifecycle management have been selected as the FinTech micro-services for integration within a fast-paced Proof of Concept to be completed in August.
Christophe Pechoux, global head for innovation at Santander, said: “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 banks and FinTech partners.”
Thomas Soede, CEO of BiBox, added: “The financial industry is currently going through a deep transformation bringing rapid innovation delivery to the forefront of banking agendas. BiBox enables banks to fast-track the execution of end-to-end digital business solutions by creating the link between the banking sector and the FinTech industry.”