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Santander Bank, N.A., the wholly owned subsidiary of Banco Santander, has launched an electronic lockbox, Santander eLockBox, enabling clients to automate their revenue cycle while saving time and capital.
The service provides a digitised payment solution to clients by consolidating incoming digital payments and simplifying electronic receivables management.
“The launch of our comprehensive Santander eLockBox service is a great solution for clients who are ready to simplify their electronic payment processes,” said Ken Deveaux, head of transaction banking at Santander.
The new lockbox combines digital payments from a client’s online banking or other electronic payment services into one electronic payment data file.
The consolidation facilitates posting, reconciliation and a single streamlined Automated Clearing House daily deposit for all collected payments.
The offering also aggregates payment transmission from network connections to the consumer bill-payment service providers and financial institutions.
The new launch falls in line with multiple open finance services launched by traditional banks in recent years, as they try to address evolving consumer needs, target life events and work with challenger banks and fintech providers to expand their range of services.
Santander eLockBox will now compete against similar offerings in the market.
Banks like Cadence and First Horizon are some of the large financial institutions that provide electronic lockbox services to their clients.
JP Morgan, on the other hand, offers a virtual lockbox service, allowing its clients to scan their cheques and remotely send the images to the bank for deposit.
Santander’s foray into electronic lockboxes comes amid parent company Banco Santander’s ongoing digital transformation journey.
In 2019, Banco Santander announced that it would invest over €20 billion in digital and technology over the next four years. The stated goal of the digital transformation roadmap was to improve customer experiences and further increase loyalty, while lowering the cost of delivery.
Since then, it has launched PagoNxt, a global payments platform, and expanded its merchant payment business Getnet into Europe while continuing its operations in Latin America.
The bank is still working on a new global trade platform targeted specifically at SMEs.
As part of its transformation strategy, it also aims to realise €1.2bn in incremental annual cost savings.
Similarly to other competitors of Santander’s size and scale, the bank is also transitioning its IT infrastructure towards a multi-cloud environment with global platforms supported by agile methodologies.
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