Santander Bank is launching a new payments solution for its corporate clients to enhance their global payment operations.
The financial institution said in a press release Monday (Oct. 21) that it is rolling out the Santander Cash Nexus solution for commercial banking and corporate and investment banking clients across North America. The tool offers a suite of global payment solutions allowing businesses to initiate payments locally in 15 markets across the globe.
Santander said the tool automates payment processing both locally and abroad to support straight through processing, while also connecting corporates to cash flow visibility via its information center, portal and mobile app. Business clients can also take advantage of automated reconciliation for their accounts held at both Santander and other financial institutions, the bank noted.
“Providing our clients with the ability to control their payments and view their accounts in various countries where they do business — all from a single online platform — is a game changer and a major efficiency accelerator,” said Santander Bank U.S. Managing Director and Head of Transaction Banking Ken Deveaux in a statement.
Santander Bank also previous launched Treasury Link and Enterprise Payment Link to augment its corporate banking offerings.
Treasury Link offers cash management for treasury clients and connects them to a customizable dashboard to view accounts, balances, transactions and other aspects of corporates' banking operations, with integrated fraud and authentication features.
Enterprise Payment Link, meanwhile, aims to provide corporate clients with enhanced visibility into their wire, ACH and check payments, allowing for a single file transmission to initiate transactions across payment methods with real-time visibility into the status of each transaction.
“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,” Deveaux said in a statement at the time.