Santander has announced the launch of Zinia, a new buy now, pay later (BNPL) platform.

The tech behind the platform has been operating in Germany over the past 12 months, where it already has more than two million customers.

The bank will roll out its new service across other markets this year. It will first launch the platform in the Netherlands where it has an existing position in consumer finance and 19 million customers via 63,000 affiliated merchants.

The new platform, which enables consumers to pay in interest-free instalments either online or in-store, uses AI-based credit assessment technology developed by its digital bank Openbank to make “real-time credit decisions”.

"Today we are launching a new platform that offers consumers a convenient and flexible payment option with the security and trust provided by a large financial group like Santander,” said the chief executive of Openbank and Santander Consumer Finance, Ezequiel Szafir. “We are delighted with Zinia's early expansion and aim to become a leader in the buy now, pay later market".

Zinia is the first project developed by Santander’s Digital Consumer Bank (DCB), which combines Santander Consumer Finance (SCF) and Openbank.

SCF currently has a presence in 16 European countries, USA and Canada.

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