Santander Bank announced the expansion of its digital cash management suite to enhance the commercial client experience while reducing service costs. This initiative, with a focus on mobile banking and treasury products, emphasizes automation and the reduction of manual tasks, while improving processing speed and security. The enhancements are part of Santander’s continued commitment to making banking more convenient and efficient for clients, with additional expansions planned for 2025.
“We’ve transformed our U.S. Commercial Bank offerings to provide best-in-class, holistic banking solutions,” stated Michael Lee, Senior Executive Vice President and Managing Director of Commercial Banking at Santander. “Our investments in technology and enhancements to digital platforms are helping clients leverage digital solutions that make banking more convenient and efficient.”
New offerings in Santander’s digital cash management suite include:
- Digital Checks: Clients can send checks quickly and securely via email, reducing costs and providing multiple payment and deposit options.
- Virtual Mobile Wallet Commercial Cards: As the first U.S. financial institution to offer mobile virtual cards, Santander provides secure, contactless commercial cards that integrate seamlessly with mobile wallets for convenient, accessible payments.
- Escrow Platform: Santander’s self-service escrow platform is available 24/7, allowing clients to open, close, transfer funds, and disburse payments online.
- Biller Express: This client-branded electronic billing solution enables end-customers to make one-time or recurring payments, improving working capital and enhancing customer relationships.
- eLockbox: This tool consolidates digital payments, simplifying electronic receivables management and providing clients with faster fund access and automatic account reconciliation.
These additions complement Santander’s existing solutions:
- Remote Check Deposit: Enables electronic check deposits, recently enhanced in 2024 for faster, more efficient payment processing.
- ATM Deposit-Only Card: Introduced in 2023, this card offers secure deposits of cash and checks through ATMs.
- Smart Safe: Launched in 2023, this secure cash management solution includes a smart safe device, scheduled pickups, deposit reconciliation, real-time reporting, and coin orders.
Santander’s Treasury Fusion platform, launched in 2022, has also received ongoing investments. Treasury Fusion allows clients to integrate Santander account information directly into their internal resource planning systems, eliminating manual data transfers and streamlining daily account reconciliation.
Looking ahead to 2025, Santander will continue its investment in mobile capabilities with Mobile Check Deposit, allowing clients to deposit checks via desktop scanner or mobile device, offering more flexibility and convenience.
“At Santander, our clients are central to everything we do,” added Lee. “The pace of business today demands a banking partner that provides both trusted advice and a seamless digital experience. Our investment in digital capabilities allows clients to focus on their business while we provide the support they need.”
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