Under the terms of the deal, Santander’s corporate and business customers will gain access to Elavon’s international processing platform, which integrates cross border and multi-currency processing. In addition, Banco Santander is to leverage Elavon’s control of the processing relationship from risk and underwriting to processing, funding and customer support functions.
Elavon provides payment processing services to over one million merchants in the US, Europe, Canada and Puerto Rico. The companys services include credit and debit card processing, electronic check services, gift cards and cross-border acquiring. Banco Santander operates as a commercial and private bank worldwide through three segments: Retail Banking, Global Wholesale Banking and Asset Management and Insurance. In the UK, Santander operates three brands, nameny Abbey Business Banking, Alliance & Leicester Business Banking and Santander Corporate Banking.
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