Santander says it has become the first European bank to launch a real-time payments solution enabling customers to make transfers into Brazil in local currency.

The new service, which is delivered through the bank’s payments FinTech PagoNxt, will allow instant payments for companies from Europe to Brazil.

Santander claims that the ‘One Trade platform’ will shorten payment times from several days to minutes and remove the need for intermediaries and FX documentation.

From Wednesday, the bank’s SME and corporate clients in Spain will be able to make instant international payments in Brazilian real to recipients in Brazil through online banking.

The move comes after figures from the Spanish ministry of industry, trade, and tourism found that last year nearly 5,000 Spanish companies sent more than €4 billion to Brazil, up 14 per cent compared to 2020.

The service will support international payments to all Brazilian local and digital banks – regardless of whether they support this type of payment – and will be rolled out to customers in additional markets over the next few months.

“Sending money abroad seamlessly is key for our SMEs and corporate clients, and instant payments to Brazil is a great step forward,” said António Simões, chief executive, Santander Spain & 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.”

The bank added that, 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”.

“At PagoNxt, we are building the best solutions in multiple areas to help people solve all their daily payments needs,” said Javier San Félix, PagoNxt chief executive. “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.”

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