Santander aquires Wirecard’s payment technology assets

Over 500 employees currently in the acquired assets sector will be part of Santander

Santander Wirecard

Santander aquires Wirecard’s payment technology assets. Source: shutterstock.com

Santander has recently acquired technological advantages from Wirecard. The acquisition strengthens Santander’s position in the global merchant acquiring space. This is despite the bank already has a strong presence in the sector.

As Santander enhances its merchant payment platform, it will also leverage the strength of the Wirecard assets. This will further support its growth scheme in Europe.

The acquisition aims to enhance Getnet’s spread in Europe. This move will enhance capabilities in payment services such as e-commerce.

The assets acquired by Santander extend the companies’ ability to develop synergies in payments and trade as well as open payments platform architecture.

Among the acquired assets are issuance services and merchant’s payment solutions.

However, the acquisition is not inclusive of Wirecard companies. As such, Santander will not take on legal issues in past actions of Wirecard Bank AG and Wirecard AG.

Santander has also announced plans to join its payment businesses including Getnet. The company, PagoNxt will focus on consumer digital services and products, trade solutions, and merchant solutions.

We’ve reported that Paynetics UK has agreed to acquire assets of Wirecard UK & Ireland.

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