Banco Santander Signs a Five-Year Global Technology Agreement With IBM to Utilize its Blockchain Technology Platform

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Banco Santander, a Spanish multinational commercial bank and financial institution has recently signed a five-year global technology agreement with IBM. This agreement is said to worth an estimate of $700M. Through the agreement, the bank will be utilizing IBM’s blockchain technology platform to accelerate, scale and widen its business.

Banco Santander and IBM Hitched For the Next Five Years

The agreement will also help the bank reduce its annual IT spending. The money saved during this process will be invested in other aspects of the bank’s business. This move by the bank is believed to be necessary for its plans to stay relevant technologically. Through the use of IBM’s platforms, the bank will be able to improve its business strategy.

Speaking on the significance of the new agreement, David Chaos, Global CIO, Santander stated that:

“This agreement will allow us to have a global partner with the best technology to help accelerate the IT transformation. We think this agreement with IBM represents great support to our strategy of constant progress while protecting our investments in technology. IBM’s technology will provide the bank with the flexibility needed to support the constantly evolving business of a bank, ”

The bank plans to make use of the following IBM technologies to improve its technology and boost efficiency.

* AI (including Watson)
* blockchain
* big data
* advanced security solutions.
* IBM DevOps solutions
* IBM API Connect.

The bank will be capitalising on these technologies to:

* obtain new efficiencies in the bank’s operations

* boost its capability to deliver innovative services to customers.

Banco Santander’s Hybrid Cloud Strategy

Once fully integrated with IBM’s platforms the bank will aim for a hybrid, multi-cloud environment. In preparation for this integration, the bank has developed its own Cloud Competence Center. This Competence Center will help with the implementation of Banco Santander’s hybrid cloud strategy. Currently, IBM is collaborating with that Center in the definition of the methodologies and processes to accelerate transformation.

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