- Santander claims to be the first European bank to provide a real-time payments service that allows clients to send money to Brazil in local currency.
- The new service, provided by the bank’s payments FinTech PagoNxt, would enable enterprises from Europe to Brazil to make quick payments.
Santander claims to be the first European bank to provide a real-time payments service that allows clients to send money to Brazil in local currency.
The new service, provided by the bank’s payments FinTech PagoNxt, would enable enterprises from Europe to Brazil to make quick payments.
The ‘One Trade platform,’ according to Santander, would reduce payment times from several days to minutes and eliminate the need for middlemen and FX documentation.
SME and corporate clients of the bank in Spain will be able to make quick international payments in Brazilian real to receivers in Brazil via internet banking beginning Wednesday.
Beginning Wednesday, SME and corporate clients will be able to make international payments in Brazilian real quickly to Brazilian receivers via internet banking.
This decision was taken after the Spanish ministry for industry, trade, and tourism reported that more than 5,000 Spanish companies transported more than EUR4 billion to Brazil in 2017, up 14% over 2020.
This service will allow international payments to all Brazilian digital and local banks, regardless of their acceptance of this type of payment. It will also be available to consumers in new markets over the next few months.
“Sending money overseas effortlessly is critical for our SMEs and corporate clients, and immediate transfers to Brazil represent a significant step forward,” said António Simes, CEO of Santander Spain and Regional Head of Europe. “We are happy to be the first bank in Europe to provide this service, which will soon be accessible in other Santander European areas, and we will continue to work hard in the future to provide the finest solutions.”
Customers will be able to manage their FX positions, and bank accounts in other countries and access trade and supply chain finance alternatives through digital channels and “combined in a single experience” in the future, according to the bank.
“At PagoNxt, we are creating the greatest solutions in numerous domains to assist consumers in addressing all of their every day financial demands,” stated PagoNxt CEO Javier San Félix. “We’ve been able to deliver quick payments to Brazil because of a combination of amazing technology, most of which was developed in-house, and having one of the greatest and most inventive payment teams in the world.”