Santander Bank launches solution to consolidate payments
In a race to outstrip fintech innovation, large banks are launching initiatives to automate commercial payments for their clients.
This week, Santander Bank has announced the launch of Santander eLockBox which is an electronic lockbox that works to consolidate incoming digital payments and simplify electronic receivables management for businesses.
According to the bank, this would allow clients to automate their revenue cycle, time-saving, reduction in costs and also optimize the resources that support their business needs.
Ken Deveaux, Head of Santander Transaction Banking, noted that this solution is the banks’ effort in “ongoing investment in technology to further digitize our banking solutions” and in turn create a “ convenient, accessible and simplified experience” for their clients.
Last year, the bank pivoted into collaboration with Revenue Management Solutions to launch end to end healthcare receivables solutions and also acquired a 50.1% stake in Ebury for the expansion in Latin America.
The solution works by providing an option to the clients to be paid electronically instead of by paper check. It combines the payments from a company’s online banking or other electronic payment services into one electronic payment data file to facilitate posting and reconciliation, along with a single, streamlined Automated Clearing House (ACH) daily deposit for all collected payments, as noted.
In turn, this allows businesses to be able to access their funds faster and eliminate the manual data entry process. It also aggregates payment transmissions from network connections to the consumer bill-payment service providers and financial institutions.