PagoNxt Payments has launched another global strategic corridor to provide real-time payments services to China, thanks to a new collaboration agreement with a local Chinese bank, enabling direct access to settle payments via local schemes This solution is available from today as a wholesale service for financial institutions, such as banks and payment service providers, as well as corporates.
The new corridor will provide wider reach and greater efficiency for PagoNxt Payments’ clients, offering fast and traceable payments to China, in Renminbi, US Dollar or Euro1. This differential proposition enables clients to instruct payments in their preferred currencies, with access to local exchange rates while improving payment delivery dates, as intermediaries are removed from the chain.
Furthermore, customers can choose their preferred channel for initiating payments, whether through API integration, Swift or PagoNxt’s portal. This flexibility caters to the diverse needs of businesses looking to expand their cross-border payment capabilities, across sizes and industries.
We are happy to announce this agreement with a local Chinese bank to make a strategic addition to the portfolio of account-to-account payments services we currently provide. This new corridor represents a breakthrough in providing interoperability from the European continent to China. At PagoNxt Payments, we want to provide the best solutions to help our clients solve their daily payment needs.
PagoNxt Payments, a business unit within PagoNxt and part of Grupo Santander, enables wholesale cross-border payment capabilities through one single connection, amongst other account-to-account payments solutions. The Chinese corridor joins the other twenty currency corridors developed by PagoNxt Payments, covering key regions from the Americas, Europe and the UK, all the way to Asia Pacific, further enhancing our global payment network.
In addition to supporting Santander’s global operations, we address open market opportunities, combining the agility of a paytech with the scale and reliability of a global financial institution.
For more information regarding the payment services we provide to China through PagoNxt Emoney EDE, S.L., click on emoney.pagonxt.com.
1. Payment delivery times are subject to the cut-off times of our correspondent banks and the payment schema used to process the transaction.