Santander offers a wide range of personal and commercial financial products and services, serving more than 14 million active customers through its branch network and regional corporate business centres across the UK.
In a move to further strengthen its corporate customer proposition, the partnership will provide Santander’s customers with a more complete service and extended reach. This will enable businesses to make payments in 100 currencies to over 120 countries across the globe.
Furthermore, the partnership will increase the already impressive speed and efficiency at which international transactions can be made for the bank’s customers. The process will use EQ Global’s bespoke technology built to connect the banking and fintech sectors and support major banks of this size.
Michael Vallance, Managing Director and Head of Transaction Banking, Santander Corporate and Commercial Bank, said: “Santander has a clear strategy to help businesses prosper and to support our high growth clients to expand internationally, against a backdrop of record levels of international trade being undertaken by UK companies. Our recently published Santander Trade Barometer reaffirmed the importance of banks facilitating trade undertaken by their clients, in a climate of positive economic trends in globalisation, digitisation and mobility.
“A critical part of our product development and innovation strategy, is helping our clients make payments in different currencies and the accompanying reporting and reconciliation activities. The new international payments proposition developed in partnership with EQ Global allows us to extend our range of international payment currencies to market leading levels, giving our clients much greater choice in which currencies they are able to make payments, and providing strong levels of operational efficiency, cost competitiveness and improved reconciliation. After piloting the proposition in January, we aim for full go live from February 2018.”
Nick Pedersen, Managing Director of EQ Global, said: “Since rebranding ourselves as EQ Global in July 2017, we have continued to develop our product offering and have expanded our business through several key new hires. Working in partnership with the major banks is something we have been striving towards and we are thrilled to be providing Santander with the full breadth of our services.
“By successfully connecting two key entities in the banking and fintech sectors, Santander’s customers will see the benefits of a partnership resulting from strong individual capabilities, complementing each other efficiently and securely.
“With our partnership now in place, Santander will have an improved corporate customer experience that will hopefully bring about commercial benefits both in the short and long term, as well as ensuring its clients have an even more comprehensive and efficient cross-border payments process.”