Companies can set exchange rates for future transactions and track trades.
The bank is leveraging its broad international footprint to offer real-time prices for over 100 currency pairs.
Santander is firmly committed to providing currency management to any company with international exposure.
The bank's new international business units are playing a key role in strengthening companies' digital capabilities.
Madrid, 1 July 2020.
Santander is launching a digital currency trading digital platform to help companies strengthen their digital capabilities as they expand internationally. This new tool makes it easy for customers to keep a close eye on currency exposure and manage foreign exchange risk. Now, they will be able to reduce the impact of currency fluctuations on their bottom-line in a swift, digital manner and with support from experts whenever necessary.
Currencies are digitally processed on a platform where customers can trade online 24 hours a day, from Monday to Friday, at real-time and executable prices with over 100 currency pairs. Customers can set exchange rates for future transactions and programme smart orders to be executed when an exchange rate reaches an expected value without constantly needing to monitor currency fluctuations.
This new currency management feature provides updated market information so customers can monitor price movements in currencies that affect their business operations. It will also help them manage their positions, track all their trades and set alerts for prices and executed orders.
This service is integrated into other financial transactions so customers can use currency balances to transfer funds or confirm transactions digitally (even if there are several legal representatives) and trade on behalf of their parent company or any subsidiaries.
Santander, a trusted bank for companies with foreign cash flows
Santander has over 125,000 foreign-exchange customers, including 30,000 SMEs. Each year, its retail customers trade EUR 24 billion through approximately a million transactions, mainly in USD and GBP.
This new platform rounds off Santander's digital offering to help SMEs going international with simple transactions like international payments, import finance, reverse factoring and letters of credit.
The combined effort of new international business units created to assist customers at branches and the bank’s FX brokers give the service a unique and robust mix of proximity and expert management with straightforward, comprehensive digital solutions to satisfy customers’ needs.
64% of Santander’s active customers are digital, with more than 5 million who access the bank's app and the website over 22 times a month in Spain.
The bank has been driving its international business through several initiatives, including its digital Santander Trade platform which connects over 16,000 companies from different countries to establish business relations and provides a wealth of information on overseas markets.
The International Desk is also a service that promotes global connectivity so that SMEs can set up and invest in other countries. It provides customised, multi-language assistance in countries where Santander has a retail banking presence and treats newly arrived companies as trusted customers from the outset with all of Banco Santander's specialist SME products at their disposal.
Santander Group is also developing Santander Global Payments with highly innovative digital international trade and merchant payment solutions to make user experience simpler. In international trade, Santander Global Trade Platform Solutions will provide international payments and foreign exchange, trade finance, cash management, compliance tasks and other services on one interconnected global platform.
To help Spanish companies expand internationally, Santander draws on its expertise and significant presence in ten core markets across Europe and the Americas. It has nearly 12,000 branches around the world and more than 1,300 correspondent banks that serve customers in over 150 countries.