BiBox is partnering with Santander Global Corporate Banking to focus on fast-paced integration of fintech solutions into the bank.
The collaboration will enable Santander to quickly integrate new solutions and technologies across all business units faster than traditional onboarding methods via its digital marketplace. The aim of this is to produce cost-savings, faster speed to market, greater standardisation and data sharing in a compatible and compliant manner.
BiBox has been working with Santander Global Corporate Banking to deploy its ‘curation and industrialisation’ offering, which enables smaller players such as fintechs to provide their tools within end-to-end workflows that banks can consume more readily within the confines of scale and regulation.
“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,” Christophe Pechoux, global head for innovation at Santander.
Artificial intelligence, blockchain and client lifecycle management have been selected as the fintech micro-services for integration within a fast-paced proof of concept to be completed in August.
Thomas Soede, CEO of BiBox, comments: “The financial industry is currently going through a deep transformation bringing rapid innovation delivery to the forefront of banking agendas. BiBox enables banks to fast-track the execution of end-to-end digital business solutions by creating the link between the banking sector and the fintech industry. BiBox will bring fintech integration and cross-selling as its two initial licensable services to the wider banking sector in Europe by early 2018 to reduce costs and increase revenues – this will enable banks to focus on what they are really good at.”