Real-time payment service debuts between PagoNxt and China
PagoNxt Payments, a business unit within PagoNxt and part of Grupo Santander, has announced the launch of a new strategic corridor for real-time payments services to China. This initiative is designed to facilitate instant, frictionless cross-border payments by linking with China's real-time payment infrastructure.
The corridor supports multiple currencies, including Renminbi, US Dollar, and Euro, leveraging PagoNxt's multi-currency capabilities that cover over 140 currencies globally. This enhances the capacity to facilitate cross-border transactions seamlessly.
Businesses can register using simple keys such as phone numbers or tax IDs and activate their participation through existing payment terminals without requiring new devices. This allows merchants to quickly onboard and start accepting real-time payments aligned with local regulations and systems.
PagoNxt Payments utilizes APIs and embedded payment integrations that support a wide range of platforms, enabling both merchants and payment service providers to facilitate seamless payment acceptance and processing for transactions to China.
The payment corridor operates in real-time to provide immediate settlement and confirmation of transactions, improving cash flow and customer experience for businesses engaged in trade with China. The service is available as a wholesale offering to financial institutions, banks, and payment service providers, as well as corporates.
José Luis Calderón, CEO of PagoNxt Payments, stated, "We aim to provide the best solutions to help clients solve their daily payment needs." Customers can initiate payments through API integration, Swift, or PagoNxt's portal. Clients can instruct payments in their preferred currencies, with access to local exchange rates.
The new corridor represents a breakthrough in providing interoperability from the European continent to China. It improves payment delivery dates by removing intermediaries and offers fast and traceable payments to China. The corridor is a result of a collaboration agreement with a local Chinese bank.
The global operations of Santander are supported by PagoNxt Payments. The new corridor is one of the twenty currency corridors developed by PagoNxt Payments. For more information about the payment services to China, visit emoney.pagonxt.com.
The rollout follows regional trends in instant payments adoption, exemplified by similar real-time payment systems launched in other countries like Colombia, aiming to simplify merchant onboarding and expand payment acceptance. PagoNxt Payments addresses open market opportunities, combining the agility of a paytech with the scale and reliability of a global financial institution. The global payment network of PagoNxt Payments now covers key regions from the Americas, Europe and the UK, to Asia Pacific. However, it's important to note that the cut-off times of correspondent banks and the payment schema used to process transactions may affect payment delivery times.
Businesses can utilize PagoNxt's new strategic corridor for real-time payments to China, which supports multiple currencies like Renminbi, US Dollar, and Euro, to facilitate cross-border transactions seamlessly. This initiative, a result of a collaboration agreement with a local Chinese bank, leverages technology through APIs and embedded payment integrations, aligning with local regulations and systems.
PagoNxt Payments aims to revolutionize finance by offering a wholesale service to financial institutions, banks, payment service providers, and corporates, providing immediate settlement and confirmation of transactions in a frictionless manner. This alignment of technology, business, and finance further strengthens PagoNxt's position in the global market.
