- Spanish bank's digital investment unit will oversee tech development across products and services
- Goal is to keep up with rapid industry innovation to deliver better customer experience
- Digital unit latest in string of recent moves to integrate advanced technology into bank's traditional offerings
Spain's Banco Santander has announced the launch of its new digital investment unit, focused on ensuring the bank integrates new technology into its products and services to improve overall efficiency for customers. The unit will also be charged with investigating new service categories using tokenized securities in derivatives, capital markets and more.
Santander officials are eager to gain an edge in the ever-changing money transfer services.
"The wave of digitalization that is occurring in the financial industry is accelerating," said Santander Senior Executive Vice President and Global Head of Corporate and Investment Banking, Jose M. Linares.
"Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before. We want to offer our clients what they expect from us."
The digital investment unit comes on the heels of other recent announcements by the Spanish bank, demonstrating the institution's commitment to embracing new and emerging technology.
Last month, Santander began a partnership with Ripple to offer a mobile app designed to facilitate cross-border payments. Santander One Pay FX will make it possible to reconcile international money transfers almost instantly and will offer same-day transaction settlements.
Santander One Pay FX will give Spanish customers the ability to send international payments in native currency to the United States and the UK, while the bank's customers in Poland and Brazil can send money abroad to the UK. Other currency flows will be supported as well.
The service is expected to go live in the next month or so.
To learn more about sending remittances to Spain from the United States and beyond, browse our useful transfer guide here.
