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First European bank to launch 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.
Madrid and São Paulo, 30 March 2022.
Santander is launching a new and innovative international payments solution for companies. Starting today, 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[1] 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. With this solution, they will receive the transfer in Brazil.
The current user experience for currency transfers to Brazil is an opaque and complex process that can leave customers waiting for several days for payment. The new One Trade platform will provide customers with a hassle-free service, which completes international transfers in minutes, while allowing the sender to comply with the requirement for FX documentation and eliminating engagement with intermediaries. Furthermore, there is no need for recipients to close and sign any local FX contract as BRL is automatically credited to their local account.
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.
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.
Through One Trade at a later stage, customers will also be able to manage their FX positions, bank accounts in different countries, and access trade and supply chain financing options, all through digital channels and integrated in a single experience. The solution leverages PagoNxt’s new Payments Hub infrastructure, providing access to payment services in different geographies through a one simple API connection.
[1] This figure does not include investment flows.