Spanish banking group Banco Santander has agreed to implement Intellect Global Transaction Banking’s (iGTB) Intellect Payments Services Hub (IPSH) to offer new alternate payment options to its corporate clients.

The deal is expected to enable the bank’s global wholesale division Santander Corporate & Investment Banking utilise digital corporate payments capabilities and expand the bank’s services in Latin American region.

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Commenting on the deal, iGTB CEO Manish Maakan said: “This will set the standard for European banks in terms of client service and efficiency – not only in Central and Eastern Europe, where most banks are playing digital catch-up, but also in more developed markets.”

With iGTB’s IPSH, Santander aims to accelerate the on-boarding process of new customers.

The platform, deployed from a single centralised location with a dedicated payments engine, will also enable the Spanish lender to strengthen its global cash management offerings.

Santander customers can access the services through a new unified platform available across various channels.

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Featuring new dashboards, the platform will allow the customers to track their payments.

Further, it comes with new tools and controls such as advanced payment prioritisation, payments throttling and real-time monitoring services.

Santander global transaction banking head Jose Luis Calderon said: “In line with our strategy of focussing on innovation to increase customer loyalty and operational excellence, this digital transformation of our payments services is excellent news for both us and our corporate clients.

“This initiative will boost operational efficiency and scalability, giving a solid foundation for sustainable business growth, improving even more Santander Cash Nexus – our Global Cash Management solution, and we’re confident our clients will love the consistency, efficiency, flexibility and speed of our new system.”