The agreement establishes the JV, Santander Elavon Merchant Services, 51% of which will belong to Elavon and the remaining 49% to Santander. Assuming responsibility for Santander’s existing merchant customers and leveraging the bank’s extensive branch network to source new business, the JV’s specialized teams will provide service, support and innovative solutions informed by voice of the customer and designed to enable commerce for businesses of all sizes.
Juan Golmayo, named CEO of the JV, will lead the organization’s efforts and has over 20 years experience in the cards industry. Juan comes to the JV from Iberia Cards, a leading card issuer in Spain, owned by Iberia, the Spanish leading airline, Banco Popular, BBVA and Bankia.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The JV is positioned to build for success, together with the backing of Santander’s respected brand and Elavon’s award-winning International Processing Platform and IP Gateway, recognized as the Best Merchant Acquiring Initiative by the Cards & Payments Awards in 2012.
"Santander Elavon Merchant Services will deliver great benefits to business customers of all sizes across Spain, and Juan’s ability to deliver on this opportunity is proven in the marketplace," said Simon Haslam, President of International Markets for Elavon. "From providing global accounts with a single source provider across their portfolio, to addressing the needs of small business customers, this JV leverages the best that both Santander and Elavon offer," Haslam said.
The new JV extends an existing relationship between Elavon and Santander dating from 2003 when the companies launched foreign currency payment services for Spanish retailers. It also further strengthens alliance relationships between the two companies in the United Kingdom, Poland, Mexico and Puerto Rico.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
