ZTE, Telefonica and Bank of Santander announce Europe’s first 5G banking services in Spain

Release Time:2019-06-18
ZTE, Telefonica and Bank of Santander announce Europe’s first 5G banking services in Spain - ZTE Press Release

ZTE, Telefonica and Bank of Santander announce Europe’s first 5G banking services in Spain

Date:2019-06-18 ZTE Click:656

18 June 2019, Madrid, Spain – ZTE Corporation (0763.HK / 000063.SZ), a leading provider of telecommunications, enterprise and consumer technology solutions for the mobile internet, today announced that it has partnered with Telefonica, one of the world’s largest operators, and Bank of Santander, a global leader in banking services, to announce Europe’s first banking services in Spain.

To implement this project, Telefonica and ZTE have deployed the most advanced 5G pilot network in Alcobendas, a neighborhood of Madrid. Thus, the madrilenian municipality becomes a part of the 5G Technology Cities that previously included Talavera de la Reina, Segovia, Barcelona and Malaga.  

The 5G network provided by ZTE includes the radio nodes, the core network and the user equipment. This network is based in the Standalone mode, thus creating an E2E standard compliant 5G architecture, without the need of LTE support. The 5G base stations connect to the 5G core network through the Telefonica transmission network. 

This project involves three major application cases, including 4K Video conference between two bank branches. By virtue of the 5G network, it offers an ultra-high resolution (4096x2160) with smooth movement and 30 frames per second with zero latency. 

Meanwhile, the project can provide 5G storage, a kind of low latency cloud storage, located in the edge computing infrastructure of Telefonica.

Moreover, the project also enables virtual visiting to co-working spaces, such as the Santander Work Café of the Velazquez street in Madrid, by means of virtual reality technologies, 360 video and edge computing.
"The initiative with Santander Spain is the result of the collaboration with our corporate customers to ensure that 5G technology is deployed in a way that fully meets their needs, prioritizing the development of the most demanded capacities,” said Emilio Gayo, CEO of Telefónica Spain. “With initiatives like this, we also ensure the early adoption of 5G and the positive impact on the Spanish industrial network."

"This agreement with Telefónica responds to Santander's commitment to innovation and to accompanying our customers in the transformation process towards the new generation of 5G communications,” said Rami Aboukhair, CEO of Santander Spain. ”The new technology will allow us to have a better connectivity and faster speed of response in transactions and to offer all our customers the best experiences and the best possible solutions.

With new solutions like the ones developed for this pilot, 5G will bring new services to the financial segment, such as the banking office in mobility, allowing mobile and temporary offices to support large events.