Santander Bank, N.A. (“Santander” or “the Bank”) announced today that is has expanded its suite of digital cash management solutions to enhance the commercial client experience while reducing its overall cost to serve. With an increased focus on mobile banking and investments in treasury products, the Bank will continue to expand its offerings in 2025. Changes will focus on automation and reducing manual tasks while also improving processing speed and security that will make banking with Santander simpler and more convenient.
“Over the past year, we transformed our U.S. Commercial Bank offerings to provide best-in-class holistic banking solutions and experiences for clients. This has enabled us to be on the forefront of helping our clients utilize digital solutions. From our investments in technology, to enhancements to existing digital platforms and the rollout of new digital capabilities, we’re unlocking even more ways to help our clients meet their business needs with a focus on convenience and efficiency.” said Michael Lee, Senior Executive Vice President and Managing Director of Commercial Banking at Santander Bank.
The Bank expanded its suite of digital cash management solutions with the following new products and services in 2024:
- Digital Checks: Clients can now send check payments faster and more securely via email while reducing or eliminating costs associated with paper checks. Digital checks also allow for greater flexibility, as they support multiple payment and deposit options.
- Virtual Mobile Wallet Commercial Cards: Santander was the first financial institution in the U.S. to offer clients mobile virtual cards. By combining the security of contactless virtual cards with the convenience of mobile wallets, businesses can now offer a seamless and accessible way to make payments anytime and anywhere contactless payments are accepted, without worry of overspending or enduring a lengthy reimbursement process.
- Escrow Platform: Santander designed a state-of-the-art online self-service escrow platform, available 24/7, giving clients the ability to open, close and transfer funds between escrow accounts as well as disburse payments to their beneficiaries using the online portal.
- Biller Express: A client-branded electronic bill and invoice presentment and payment capability designed to enable end-customers to initiate one time and recurring ACH and card payments. This service streamlines processes and improves working capital, helping drive stronger end-customer relationships.
- eLockbox: Consolidating incoming digital payments and simplifying electronic receivables management for businesses, clients have access to an electronic lockbox that provides faster access to funds, seamless posting, as payments are automatically applied to the appropriate account, and streamlined account reconciliation due to electronic transmission of payment information.
The new offerings join the existing set of Santander Commercial Bank solutions:
- Remote Check Deposit: Provides various options for electronic check deposits to help clients receive and process payments faster and more efficiently. The remote check deposit service continues to be enhanced in 2024.
- ATM Deposit-Only Card: Launched in 2023, this enables clients to deposit physical cash and checks using the ATM network, providing a quick and secure way to make deposits.
- Smart Safe: Ensures secure, streamlined cash management. Clients have access to a fully integrated solution, launched in 2023, that includes the Smart Safe device, scheduled pickups, deposit reconcilement, real-time reporting and coin orders.
Since launching Treasury Fusion in 2022, the Bank has made ongoing investments to its current suite of digital payment and receivable solutions. Treasury Fusion allows clients to have their Santander account information flow directly to their internal resource planning software systems. This eliminates the multiple-step process of logging into an online banking portal and manually transferring account data. Treasury Fusion also streamlines clients’ day-to-day account reconciliation, including frequent updates of balances and transaction activity so they can focus on running their business.
In 2025, the Bank plans to continue investing in future capabilities with Mobile Check Deposit, which will enable clients to conveniently deposit checks either on a desktop scanner or “on the go” via a mobile device.
“At Santander, our clients are at the center of everything we do. The pace of business is faster than ever, and clients need their banking partner to serve as a trusted advisor while delivering a convenient and secure banking experience,” added Lee. “Our global and local expertise combined with our continued investment in digital capabilities in turn enables our clients to spend more time investing in the success of their business.”