BOSTON—Santander Bank has partnered Global Payments to launch a new commercial card the organizations say is intended to simplify the banking experience of clients in the U.S.
Through the partnership, Santander said it is aiming to deliver new digital capabilities and launch innovative B2B products and services by leveraging TSYS, which is Global Payments’ Issuer Solutions business, according to the Paypers.com. The new commercial banking card was designed to meet the evolving needs of technology-focused consumers, the bank said.
The offering includes “Treasury Fusion,” a platform that reportedly integrates banking information directly to companies’ enterprise resource planning (ERP) software systems, as well as eLockBox, which is an electronic lockbox that consolidates incoming digital payments and simplifies electronic receivables management for businesses.
eLockBox launched in April 2022, and it combines payments from a company’s online banking into a single electronic payment data file that facilitates posting and reconciliation, along with a streamlined Automated Clearing House (ACH) daily deposit for all collected payments, The Payers reported.
“The service allows businesses to easily access their funds rather than through a traditional lockbox service, eliminates manual data entry, and reduces the risks and overall operational costs,” the report added.
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