Santander has discontinued international money transfer service PagoFX 15 months after its initial launch.
The High Street bank said the move was part of efforts to refocus PagoFX’s parent division, PagoNxt, on business-to-business payments.
PagoFX allowed consumers with a UK, Spanish or Belgian debit card to send money abroad via their smartphone, and competed with Wise, Revolut, Azimo, and WorldRemit.
The company had been running autonomously within Santander and employed over 50 people in Madrid, London, and Brussels.
PagoFX made several senior hires from several large technology companies while it was in operation, including Amazon, PayPal, and Intuit.
PagoFX had also recently expanded into Belgium and begun targeting the SME market.
The service is set to shut down on 30 November, and new customer registrations will close today.
The news comes after Paysafe last month appointed Chirag Patel, the Santander executive that oversaw the creation of PagoFX, to lead its digital wallets division.
"It has been decided to close the international money transfer service in the UK, Spain and Belgium," said a Santander spokesperson. "PagoFX’s technology and resources will be used to support the wider PagoNxt Group and its customer proposition."
Latest News
-
BBVA to roll out genAI tools for 100,000 employees in partnership with Google
-
Qonto applies for banking license in France
-
FCA expands bullying and harassment rules beyond banks to 37,000 firms
-
Zopa opens Manchester office with plans for 500 jobs
-
Government plans new tools to help FinTechs navigate complex regulation
-
Paxos launches dollar stablecoin in the EU
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories