Banco Santander announced it’s migrated the Corporate & Investment Banking (Santander CIB) business to the bank’s new digital banking platform, Gravity. The bank has already successfully migrated all commercial customers in the UK and the consumer business in Chile without any service interruption.
Santander CIB, which supports corporate and institutional clients, has used the Gravity platform to migrate to Google Cloud, where it manages more than a million accounting operations and half a million treasury operations per day.
Gravity, the bank’s software and cloud-native core banking platform, enables Santander to deploy on both private and public clouds. Santander plans to have migrated the vast majority of its core banking worldwide to the Gravity platform by the end of 2024, mostly in its private cloud.
Santander is the first major bank in the world with in-house software that digitizes core banking, the most critical part of a bank’s IT infrastructure. This translates to easier and faster access to data, more simplicity and faster time-to market, making it possible to deliver new capabilities for customers in hours, instead of weeks, and more frequent app updates.
It also helps the bank improve greatly its customer experience, products and services, and drive value using real-time analytics. This change is also bringing significant efficiencies through cutting-edge end-to-end automation and other savings.
Dirk Marzluf, chief operating and technology officer at Banco Santander, said in a statement: “The Santander CIB migration to the cloud is a new milestone in the group’s transformation towards a simpler, more integrated model, contributing to enhanced profitability.”
Santander’s core banking digital journey started in 2022 and the vast majority will be completed at the end of 2024. Apart from UK, Chile and Santander CIB, the transition is well advanced in Brazil. At the completion of the program, more than one trillion technical executions will be managed every year by the Gravity platform within Santander’s systems.