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How does PagoNxt operate in the open market?

PagoNxt offers payment solutions beyond Santander Group through its two electronic money institutions licenses, one under PagoNxt Emoney EDE, S.L. and the other under PagoNxt Payments UK Ltd.

PagoNxt Emoney EDE, S.L. is an electronic money institution operating under the supervision of Bank of Spain in accordance with the provisions of Law 21/2011, of July 26, on electronic money ("Electronic Money Law") with registered offices in Av. Cantabria s/n. 28660 , Boadilla del Monte (Madrid) and tax ID B- 05284831.

PagoNxt Payments UK Ltd. is a private limited company authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 firm reference number 989454 for the issuing of electronic money and the provision of payments services with registered office at 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom.

What is the relationship between PagoNxt and Banco Santander?

PagoNxt is Santander's Global Business bringing together the most innovative and disruptive payments businesses from Santander Group. While part of Santander Bank, boasting over 160 years of banking experience and 155 million customers worldwide, PagoNxt is an autonomous company, working as a fintech to deliver fast solutions to the payments market.

How does PagoNxt keep my money safe?

PagoNxt is committed to keeping any funds coming from you completely safe, wether they are yours or your customers'. We are regulated, licensed and operating under strict risk & compliance controls defined by Banco Santander.

Furthermore, as an electronic money institution (EMI) and as key difference from banking institutions, we cannot lend our client funds and all of them are safeguarded, and therefore protected, at Santander banks or reputable credit institutions, depending on the currency of the funds.

How can I become a client and I start transacting?

To become a client, you need to go through our onboarding process. This process will help us verify your information to comply with regulation. It's made up by six sequential stages:

Data collection and verification: Gather all relevant information about the company and its representatives.
KYC Checks: KYC/AML checks are performed on the customer and related parties.
Approval: Our financial crime team analyses KYC information and approves the onboarding.
E-Signature: Customer signs the contract electronically.
Product set up: Accounts and portal access are activated.
Welcoming: Welcome email is sent and the client is ready to trade

For specific businesses such as Corporates, this process can be specially quick thanks to our fully digital onboarding process! If not, you will go through our regular assisted onboarding process, supported by our Client Experience and Sales teams. You can contact with us and they'll get everything ready for you!

What is SantanderID and why do I need to download this app?

PagoNxt uses SantanderID app to guarantee a secure access to your profile (e.g. authorize transactions, access your acount, etc.), mainly when operating via Client Portal

This App has been developed by Santander Group (our parent company) following strict security guidelines, and can be downloaded on the App Store and Google Play.

Can I open an account with PagoNxt?

PagoNxt offers accounts in multiple currencies to a wide range of businesses either looking for payment solutions to operate globally or increasing its cross-border capabilities to serve their clients better (we do not serve individuals directly).

Why does PagoNxt need to verify my information?

As a provider of financial services, PagoNxt follows the anti-money laundering and counter-terrorism financing guidelines and regulations for the countries in which we operate.

To meet these regulatory requirements and complete account opening, you need to provide specific information about your business (e.g. business name, address, company registration number, countries of operations, recurrent flows, etc.), it's beneficial owners and directors. These details will be verified by supporting documents and checks.

Why was my application unsuccessful?

Unfortunately, there may be some instances where we will not be able to proceed with an application, such as restrictions and regulations imposed upon us by our partners around the world.

Additionally, please note that due to regulation we may be unable to share specific details about our onboarding decisions.

What are PagoNxt FX services?

Beyond the standard payment-embedded FX, in PagoNxt we offer our Financial Institutions the possibility to perform FX trades up to spot separate from payments. Our FX trade service can help you manage your treasury and FX needs, with 60+ currency pairs available, to be increased in the upcoming months.

What accounts can I open at PagoNxt?

With PagoNxt, you can open a three type of e-money accounts, all of them in a wide variety of currencies:

Corporate accounts to pay and collect funds under your own name
Vostro accounts to cover your correspondent banking needs and process payments of others
Virtual accounts to easily reconcile transactions

What payments capabilities do you offer?

Our PagoNxt accounts can process both first-party and third- or fourth-party payments, the latter mainly focused on Financial Institutions.

First-party payments (all clients) allow you to send and receive payments under your own name. In Europe, payments are mainly processed via SEPA. For non-EUR currencies, SWIFT is leveraged to transfer funds internationally. On top of this, we are incrementally offering payments to key regions using our internal payment rails
Third- and fourth-party payments (for Financial Institutions) allow you to send and receive payments on behalf of your clients (or even your clients' clients) via SWIFT or API. Please check our Financial Institutions value proposition on the website to find out more about it

Can I do local collections outside the SEPA Zone?

You will be able to receive payments via SWIFT from any country, which is the method to receive funds internationally accepted by most financial institutions worldwide.

Additionally, as part of our Collections solution, we will incrementally offer a way for our customers to collect funds locally in selected countries in Latin America by providing a local collection account. This feature will be available in the coming months.

What is a virtual account?

You can think of virtual accounts as "folders" under your corporate or vostro accounts (real accounts). From any real account you will be able to open multiple virtual accounts that follow a hierachichal structure:

Each virtual account is always related to a real account (1-to-1 relationship)
A real account can have multiple virtual accounts associated (in a 1-to-n relationship)

Each of them have their own IBAN and can send and receive payments, which will be reflected in the real account balance.

Why are virtual accounts useful?

Virtual accounts are mainly used as a solution to reconcile collections and payments.

For example, imagine you own a business in Spain with 3 offices, each of them in different cities. You can open 1 emoney account for each city. Then, within your account for a specific city you can open multiple virtual accounts, one for each of your frequent customers or providers. Now, if you ask your customers to pay you to the individual virtual account, each of them with a unique IBAN, you will automatically have your collections classified by customer. The same logic could be applied to payments to providers.

Which currencies do you support for FX trade?

As of Q3 2023, we provide FX trades from EUR, GBP and USD to AUD, AED, BRL, CAD, CHF, CZK, EUR, DKK, GBP, HKD, HUF, JPY, MAD, MXN, NOK, NZD, PLN, RON, SEK, SGD, USD, TRY. However, we are currently working on increasing it. If you are interested in additional currencies, please contact our team.

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