IBM And Banco Santander Pact For $700M USD Blockchain Development Deal

Announcements, Blockchain, FinTech, Innovation, Investing | February 14, 2019 By:

Banco Santander and IBM have signed a $700 million USD, five-year deal to accelerate the European banking giant’s blockchain endeavors.

The technology agreement is aimed at enabling Santander Group to lower its annual IT spend and expand its services using IBM’s work in AI, blockchain and big data. IBM will work with Santander’s  Cloud Competence Center to develop its sectors.

“This agreement will allow us to have a global partner with the best technology to help accelerate the IT transformation,” said Dvaid Chaos, Santander Global CIO. “We think this agreement with IBM represents a 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.”