Fintech experts will acknowledge there is still a strong focus on blockchain technology. Integrating this technology has been a struggle for banks and other financial institutions. Santander Global Corporate Banking is partnering with BiBox to smoothen this process. Creating a way for smaller fintech firms to provide tools to banks will yield intriguing results. This is also good news for blockchain service providers looking to enter the financial market.
Santander has always paid close attention to blockchain technology. The bank is experimenting with Ripple technology to provide faster and cheaper cross-border payments. Additionally, the bank is also a member of the R3 consortium. This goes to show distributed ledgers will impact the financial sector as we know it today. When that transformation will happen, remains one of the biggest mysteries for the time being.
Santander Eyes Blockchain and Artificial Intelligence
This new partnership with BiBox may help speed up the process. More specifically, the British startup focuses on the accessible integration of new technologies. The company focuses on AI, blockchain, and client lifecycle management first and foremost. All of these tools will be integrated into end-to-end workflows banks can readily use. Moreover, these integrations will be within the confines of scaling requirements and regulatory requirements.
Santander global head of innovation Christophe Pechoux stated:
“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.”
According to BiBox, Santander will be able to integrate these new technologies quickly. That is the main objective for any financial institution looking to remain relevant in the years to come. As a result, the financial giant will save money, get to market faster, and provide better data sharing solutions. BiBox also provides a digital marketplace, which is a key component of their business model.
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