Santander Bank is rolling out a new corporate payments solution aimed at supporting visibility into business transactions via wire, ACH and check. The bank debuted its Santander Enterprise Payment Link (EPL) solution in a press release issued Monday (Nov. 5), a platform on which clients can initiate payments to their suppliers, employees and customers.
The solution supports a single file transmission to initiate ACH, wire or check transactions, and offers clients real-time visibility into the status of each transaction. Users can receive automated emails or texts with updated status information, with enhanced visibility also supporting auditing and reporting processes.
"We designed Santander Enterprise Payment Link based on conversations with our clients, incorporating their ideas on how best to streamline their payment process," said Ken Deveaux, Santander managing director and head of transaction banking, in a statement. "This innovative payments solution allows clients to accelerate moving from costly, error-prone manual to automated processing, to outsource non-core activities such as check printing, and to maximize investments in their treasury workstations and ERP systems."
The launch of the EPL solution follows Santander's rollout of Treasury Link last year, a cash management solution providing streamlined access into data about accounts, transactions, balances and other corporate treasury functions. The Treasury Link tool integrates an electronic payment function to support wire and ACH payments.
Previous enhancements to Santander's corporate payments offering include a collaboration with Intellect Global Transaction Banking (iGTB), announced in July. That partnership saw Santander adopt iGTB's Intellect Payments Services Hub into the bank's Corporate & Investment Banking unit to upgrade its underlying payments infrastructure.
The bank also announced last month that it would use Ripple's blockchain technology, RippleNet, for its OnePay FX payments platform to streamline and accelerate cross-border payments. At the time, Santander also said it would introduce global payment services into new European markets beyond its existing operations in the U.K., Poland, Brazil and Spain.
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