RIO DE JANEIRO, BRAZIL – Santander launches an innovative new international transfer solution for businesses. Starting today, Santander’s SME and corporate customers in Spain will be able to use the One Trade solution to make immediate international transfers in Brazilian reais to recipients in Brazil from their online banking.
This innovation, offered for the first time by a bank in Europe, will be launched in other European countries in the coming months. One Trade is part of PagoNxt, the company that brings together Santander’s most innovative and disruptive payments businesses.
In 2021, some 5,000 Spanish companies sent more than €4 billion (US$4.5 billion) to Brazil, 14% more than the previous year, according to the Spanish Ministry of Industry, Trade, and Tourism. The new solution will allow international payments to all local and digital banks in Brazil, even those that do not support international transfers. With this solution, those entities will receive the transfer as if it had been sent from Brazil.
The current user experience for foreign exchange transfers to Brazil is an opaque and complex process that can leave customers waiting several days. The One Trade platform will provide customers with a seamless service that completes international transfers in minutes while making it easy for the sender to comply with the FX documentation requirement and eliminate intermediaries. There is no need for the recipient to close or sign any local exchange rate contracts, as the reais (BRL) are automatically credited to their local account.
Through One Trade at a later stage, clients will also be able to manage their FX positions, bank accounts in different countries and access trade finance and supply chain options, all through digital channels and integrated into a single experience. This solution is supported by PagoNxt’s new proprietary Payments Hub infrastructure, which provides access to payment services in different geographies through a simple API connection.