Elavon, a wholly owned subsidiary of US Bancorp and a global payments provider, has extended its relationship with Santander, a Spain-based retail and commercial bank, through the establishment of a joint alliance in Mexico.
Under the terms of the marketing alliance, acquiring services will be offered to existing and prospective Santander merchants, backed by the combination of the Santander brand and Elavon’s payments expertise.
Moreover, the alliance establishes a new global foothold for Elavon in credit card market and capitalizes on an existing relationship with Santander in Spain, the UK and Puerto Rico.
Marcos Martinez Gavica, executive president of Santander-Mexico, said: “Santander has always offered acquiring services as a valuable product to our clients. However, we believe that we can better respond to the needs of the payments industry and our customers by transitioning the business to an alliance solely dedicated to acquiring.”
Stuart Harvey, CEO of Elavon, said: “Expanding our global footprint into Latin America is in line with Elavon’s global growth strategy. Santander is a strong, trusted bank and this alliance will deepen our relationship while delivering value to merchants doing business in Mexico.”