Santander‘s Spanish SME and corporate clients will be able to utilise its One Trade solution to make instant international payments in national currency (BRL) to Brazilian local and digital banks.
One Trade, a PagoNxt company, provides businesses with the payments tools and insights they need to expand beyond the borders of domestic markets.
In 2021, just under 5,000 Spanish companies sent over €4billion to Brazil, up 14 per cent when compared to the previous year, according to the Spanish ministry of industry, trade and tourism.
One Trade will support international payments to all Brazilian local and digital banks, including those which do not support international payments.
The current user experience for currency transfers to Brazil is an opaque and complex process that can leave customers waiting several days for payments to be confirmed.
The One Trade platform will provide customers with a service that’s able to complete international transfers quickly while allowing the sender to comply with the requirement for foreign exchange (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,” comments António Simões, CEO of Santander Spain and regional head of Europe.
“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.”
This innovation is due to be rolled out to customers in additional markets in the coming months.
Javier San Félix, PagoNxt CEO, added: “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.”
Due to launch at a later stage, One Trade 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 into a single experience.
The solution leverages PagoNxt’s payments hub infrastructure, providing access to payment services in different geographies through one API connection.
