Through this partnership, Santander aims to deliver new digital capabilities and launch innovative B2B products and services by leveraging TSYS, which is Global Payments’ Issuer Solutions business. This new commercial banking card was designed to meet the evolving needs of technology-focused consumers.
The offering includes Treasury Fusion, a platform that integrates banking information directly to companies’ enterprise resource planning (ERP) software systems, as well as eLockBox, which is an electronic lockbox that consolidates incoming digital payments and simplifies electronic receivables management for businesses.
eLockBox launched in April 2022, and it combines payments from a company’s online banking into a single electronic payment data file that facilitates posting and reconciliation, along with a streamlined Automated Clearing House (ACH) daily deposit for all collected payments.
The service allows businesses to easily access their funds than through a traditional lockbox service, eliminates manual data entry, and reduces the risks and overall operational costs.
Santander Bank officials have stated in the company press release that this new offering created in partnership with TSYS will help clients better manage and grow their businesses. Moreover, Santander tapped healthcare remittance provider Revenue Management Solutions (RMS) in order to launch an end-to-end receivables lockbox product for healthcare clients.
In October 2022, Google has entered a strategic partnership with Santander Bank to help companies across various industries to transition from legacy mainframe systems to cloud tech.
Santander was one of the first major banks in the world to digitalise its core banking solution, which helped more than 157 million customers improve their banking experience and efficiency. The bank’s in-house developed software, Gravity, allows parallel processing, which means the bank can simultaneously run both in its existing mainframe and in the cloud, allowing it to perform real-time testing without interruption.
Once it completes the desired level of stability and performance, the bank aims to transit to the cloud. As for an actual timeframe, Santander expects to complete its transition in two-to-three years.
The Spanish banking group continues to expand in Europe by partnering with several companies from the IT and fintech industries in order to deliver a wide array of services. Its Austria branch has extended its partnership with Pelican AI to make use of its Payments as a Service (PaaS) solution by accessing similar cloud-based technologies.
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