See Dirk van Dalen, Logic and Structure (5th ed - 2013), page 58 :
In mathematics there are a number of variable-binding operations, such as summation,
integration, abstraction. Consider, for example, integration, in $ \int \mathrm{\sin}x dx$ the variable plays an unusual role for a variable. [...] We say that the variable $x$ is bound by the integration symbol.
The symbol
$$\sum_{i=0}^n a_i$$
was introduced by Fourier in 1820. The sigma-notation is called "summation". The quantity $a_i$ after the "big" $\Sigma$ is called the summand.
The index variable $i$ is bound to the sigma-notation.
This feature is in common with the integral sign, both being "generalization" of the sum operation.
If you think at the universal quantifier as an "infinite conjunction" (i.e. $\forall x (x \ge 0)$ as : $(0 \ge 0) \land (1 \ge 0) \land (2 \ge 0) \land ...$) and the existential one as as infinite disjunction, you can see immediately the connection with summation ($\Sigma$) and "generalized" product ($\Pi$).
This analogy is much more clear if you think that in the Algebra of logic tradition : Boole, Peirce and Schroeder, conjunction was symbolized as "$.$" and disjunction as "+".
Peirce in 1870 introduced the quantifier symbols - see Peirce's Logic - and he used for them exactly the simbols $\Pi$ and $\Sigma$, where :
"$\Pi$ signifies logical multiplication and $\Sigma$ signifies logical addition".
In conclusion, the summation is a variable-binding operator, like a quantifier.