Banco Santander, the Spanish bank which is one of the largest financial institutions in Europe, has announced a partnership with the technology giant IBM. The idea of this deal is to accelerate Santander’s development of technologies like the blockchain using IBM’s technology. This agreement will last for five years and will enhance the financial and technological capabilities of Santander.

The aim is to develop technology in the areas of the blockchain, artificial intelligence (AI) and big data. Tools and technology to start the development will be provided by IBM. According to reports, the deal was struck for the value of $700 million USD.

According to Santander, the idea was to spend less on IT costs and to evolve towards a more open and flexible way to deal with these things. David Soto, which will act as the general manager for the Santander Group at IBM, affirmed that Santander will use the technology of IBM in order to support their security and to develop solutions that will make the bank a lot more efficient.

The agreement will serve to approach IBM and Santander, which are already important partners at the moment, as IBM has partnered with Santander several times in order to provide tech solutions.

IBM affirms that the basis of the architecture that will be used in the bank will be a hybrid, multi-cloud environment using IBM’s cloud technology for the bank to create its own cloud center.

Santander is interested in blockchain technology for a while now. The company has, for instance, partnered with Ripple in order to use its cross-border transaction technology. Also, the bank has created its own blockchain research group which is known as the Digital Investment Banking team and this team is creating solutions for the group.

This partnership with IBM is not necessarily something new but a part of the company’s long-term strategy, which includes upgrading its technology to spend less when making transactions.

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