A custom-built payments solution, developed by the bank, allows customers to send money to their loved ones in Brazil using local currencies and real time. The bank is the first in Europe to do so.
Using Santander’s PagoNxt, the new service is aimed to reduce payment delays between transfers from several days to just a few minutes, while also eliminating the need for foreign exchange documents and third-party intermediaries, according to the company.
Small and medium-sized enterprises (SMEs) and corporate clients in Spain can also utilise the One Trade service to send rapid payments in BRL to receivers in Brazil using online banking. Customers from additional markets outside of Spain will be able to participate in the programme starting in the following month of the year 2022.
In the year 2021 alone, around 5,000 Spanish SMEs handled payments to enterprises in Brazil, resulting in a total expenditure of almost EUR 4 billion. The new solution from Santander Bank intends to make cross-border payments easier while also integrating digital banks into the ecosystem, including those that do not already allow international transfers.