Banking giant Santander Bank, NA on Wednesday (April 13) launched Santander eLockBox, an electronic safe that consolidates businesses’ inbound digital payments and simplifies electronic receivables management, according to the company. Press release.
Santander eLockBox customers can automate their revenue cycles to save time, reduce costs, and access more resources that meet their business needs.
“The launch of our full-service Santander eLockBox is a great solution for customers who are ready to simplify their electronic payment processes”, Ken Deveaux, head of Santander Transaction Banking, said in the statement. “Santander eLockBox is a great example of our continued investment in technology to further digitize our banking solutions and create a more convenient, accessible and streamlined experience for our customers.”
Santander said its eLockBox allows businesses to be paid electronically rather than by paper check. It combines payments from a company’s online banking or other electronic payment service into a single electronic payment data file for easy viewing and reconciliation, and a daily automated clearing house deposit (ACH) for all payments collected.
Businesses can use Santander eLockBox to access funds faster than with traditional safes by eliminating manual data entry, reducing risk and overall operating costs. It also aggregates payment transmissions from network connections to consumer bill payment service providers and financial institutions.
In addition to business benefits, the statement said Santander eLockBox complements the company’s environmental, social and governance (ESG) objectives, which include achieving carbon neutrality in its operations.
Last month, Santander announced a deal with Argentinian cryptocurrency firm Agrotoken, which tokenizes grain by the ton that will see its soy, corn and wheat-backed coins accepted as loan collateral.
Related: Grain-Backed Crypto Tokens Open New Possibilities for Agricultural Lending and Buying
Agrotoken’s three commodity tokens – agrotoken SOYA, agrotoken CORA, and agrotoken WHEA – are each backed by a ton of grain held in a storage facility.
Farmers can use cryptocurrency by trading them on a traditional commodity exchange or cryptocurrency exchange, using them as collateral for loans, or paying for agriculture-related goods and services at participating merchants.
While farmers receive agrotokens in a digital wallet, they can also receive a closed-loop debit card with a balance based on the value of those tokens, which is accepted by participating merchants.