Nov 18, 2020

Santander acquires Wirecard’s assets for tech expansion

Santander
Wirecard
Latin America
Merchant payments
William Girling
2 min
Banco Santander has released a statement confirming its acquisition of tech assets from insolvent payment processor Wirecard
Banco Santander has released a statement confirming its acquisition of tech assets from insolvent payment processor Wirecard...

Banco Santander has released a statement confirming its acquisition of tech assets from insolvent payment processor Wirecard.

Although not confirmed in the company’s official document, other sources report the total figure exchange as being €100m. 

Wirecard, which declared insolvency earlier in the year following revelations that it had misplaced over US$2.3bn in funds, was formerly renowned for its technology’s widespread usage among leading fintechs.

Distancing itself from the aforementioned controversy, the bank has made it explicitly clear that the deal “does not include Wirecard companies”.

Accelerating plans

Specific assets purchased in the deal include payment solutions for merchant acquiring and issuance services.

Santander will use these new capabilities to bolster its merchant payment platform globally, as well as facilitating its broader growth strategy in Europe. The teams managing the assets prior to acquisition will be kept on staff by the bank, which will incorporate them into the Getnet franchise umbrella.

“At Santander, we aim to provide the best payment solutions and services to our customers,” said Ana Botín, Banco Santander’s Executive Chairman. “The assets and talent we will gain as part of the acquisition will help us accelerate Getnet’s expansion plans in Europe, while also increasing our product development capacity.”

Furthermore, the bank has plans to introduce merchant solutions, trade solutions, and digital consumer products and services to other countries around the world, such as the developments seen in Latin America.

Indeed, according to an article by Euromoney, Santander’s CEO José Antonio Alvarez believes that Latin America could one day have superior structural growth than Europe. This is seemingly borne out by the region’s steady growth in underlying attributable profit for the company(between 2015 and 2018 it grew from 35% to 41%).

The bank’s confidence in the Latin American market appears to be well-founded; recent fintech developments and partnerships have distinguished the area as one possessing significant potential, and perhaps even an emerging leader in global financial services.

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
CNAInsurance
AI
Automation
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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