Santander has launched a payments solution allowing customers to make transfers into Brazil in local currency in real time.
The new service provided through Santander’s PagoNxt will shorten payment times from several days to minutes and remove the need for intermediaries and FX documentation.
Santander’s SME and corporate clients in Spain will be able to use the One Trade solution to make instant international payments in Brazilian real to recipients in Brazil from online banking. This innovation, offered for the first time by any bank in Europe, will be rolled out to customers in additional markets in the coming months. One Trade is part of PagoNxt, a company that brings together all of Santander’s most innovative and disruptive payments businesses.
In 2021, almost 5,000 Spanish companies sent over €4 billion to Brazil, up 14% versus the previous year, according to the Spanish ministry of industry, trade and tourism. The new solution will support international payments to all Brazilian local and digital banks, including those which do not support international payments.
António Simões, CEO Santander Spain & Regional Head of Europe: “Sending money abroad seamlessly is key for our SMEs and corporate clients, and instant payments to Brazil is a great step forward. We are proud to be the first bank in Europe to offer this service, which will soon be available in other Santander European markets, and will keep working hard to offer the best solutions in the future.”
Javier San Félix, PagoNxt CEO, said: ” At PagoNxt, we are building the best solutions in multiple areas to help people solve all their daily payments needs. We’ve achieved to offer instant payments to Brazil thanks to a mix of great technology, largely built in-house, and having one of the best and most innovative teams in payments in the world.”
