Banking giant Santander Bank, N.A. on Wednesday (April 13) launched Santander eLockBox, an electronic lockbox that consolidates businesses’ incoming 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 gain access to more resources that support their business needs.
“The launch of our comprehensive Santander eLockBox service is a great solution for clients who are ready to simplify their electronic payment processes,” Ken Deveaux, head of Santander Transaction Banking, said in the release. “Santander eLockBox is a prime example of our ongoing investment in technology to further digitize our banking solutions and create a more convenient, accessible and simplified 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 one electronic payment data file to help with posting and reconciliation, and one automated clearing house (ACH) daily deposit for all collected payments.
Businesses can use Santander eLockBox to access funds faster than with traditional lockboxes by eliminating manual data entry, reducing risks and overall operating costs. It also aggregates payment transmissions from network connections to the consumer bill-payment service providers and financial institutions.
In addition to the benefits for businesses, the release said Santander eLockBox complements the company’s environmental, social and governance (ESG) goals, 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 Farm Loans, Purchases
Agrotoken’s three commodities tokens — agrotoken SOYA, agrotoken CORA and agrotoken WHEA — are each backed by one ton of grain held in a storage facility.
Farmers can use the cryptocurrency by trading them on a traditional commodities exchange or a 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.
