IBOS member Banco Santander is continuing to invest in its global trade platform for companies with the acquisition of a majority stake in Mercury TFS.
Mercury Trade Finance Solutions (Mercury TFS) is a company specialising in software solutions that automate the end-to-end management of trade finance transactions for corporate customers.
The company, Mercury TFS, is a pioneer in trade finance digitalisation software, enabling Santander customers to manage their entire trade finance activity online or via mobile phone, enhancing the user experience, reducing response times and improving service quality. Mercury TFS will also enable Santander to digitalise internal process management, allowing greater control and operational efficiency.
The transaction, which forms part of Santander’s digital strategy to accelerate growth by buying up corporate stakes, will strengthen its international trade offer and consolidate its position as the bank of choice for SMEs and corporates with international operations.
Santander has used Mercury TFS’s services in Spain, Mexico, Chile and Germany for years. The Bank’s businesses in the UK and Portugal will begin using it at year-end through Global Trade Services (GTS), Santander’s global trade platform. GTS provides offering international payments, currency exchange, trade finance and multi-country accounts to SMEs and companies conducting international business. Mercury TFS has flexible, open and cloud-ready architecture that can be seamlessly integrated into open financial platforms and with modular design, such as GTS.
Read the full press release via Banco Santander here.