Business · Companies · 9 hrs ago
Santander plans to connect Openbank services in Mexico and the US
Santander plans to connect its Openbank services in Mexico and the United States to make cross-border banking easier.
The bank already serves these flows through its branches, but says the digital connection will take a few more months to develop; it gave no launch date.
Santander says it is regulated in both countries, and the plan reflects growing trade and industrial links between them.
Openbank has 1.6 million customers in Mexico and adds 2,000 to 3,000 users a day, according to Santander executive Ana Botín.
Its digital platform operates without its own branch network, while Santander says it will keep in-person services in Mexico because some people prefer cash.
The group plans to expand Openbank to Colombia and Peru, then Brazil, and Botín says Santander aims to double its business in Mexico in the coming years.
The bank sees opportunities in expanding access to financial services and funding productive and energy projects, including those involving Mexico's Federal Electricity Commission.
Santander plans to connect Openbank services in Mexico and the United States to make cross-border operations easier.
Ana Botín said the development will require a few more months, but gave no launch date.
Santander already handles these flows through its branches.
The plan reflects growing commercial and industrial integration between Mexico and the United States.
Openbank has 1.6 million customers in Mexico and adds between 2,000 and 3,000 users a day, according to figures presented by Botín.
- Who
- Santander, as announced by executive Ana Botín.
- What
- The bank plans to connect Openbank services in Mexico and the United States to facilitate operations between the markets.
- When
- Botín said development will require a few more months. No launch date was given.
- Where
- Mexico and the United States.
- Why
- The connection is intended to make cross-border operations easier and reflects growing commercial and industrial integration between the countries.
This story does not have two clearly opposing sides.
Santander handles these cross-border flows through its branches.
Santander plans to develop a connection between Openbank in Mexico and the United States; Botín said it will require a few more months.
- Openbank customers in Mexico
- 1.6 million
- New Mexican users per day
- 2,000 to 3,000
- Santander customers in Mexico
- Around 22 million
- Santander credit portfolio in Mexico
- 1 trillion pesos
- Launch date
- Not specified
What people are saying
The advantage Santander has is that we are regulated on both sides of the border.