PagoFX, Banco Santander’s international money transfer platform, will close its services on November 30, 2021, just over a year after its launch, stating that it is ‘part of a strategic move’.
The company has already halted the registration and verification process for new accounts but will allow existing customers to use its services until November 29. The platform will close all accounts by December 7th unless in the case of accounts with pending transactions.
“It has been decided to close the international money transfer service in the United Kingdom, Spain and Belgium,” the company stated.
Transferring resources to other services
However, the company is only shutting down its money transfer app, but the Spanish bank’s fintech entity will continue to provide services in its other business sectors. The notice added: “PagoFX technology and resources will be used to support PagoNxt’s broader portfolio and client proposition.”
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PagoFX is part of Fintech PagoNXT and allows users to transfer money internationally, using any debit or credit card. It was launched in April last year and initially only allows users from Spain before expanding services to other neighboring countries.
The platform allowed cross-border transfers to the Eurozone, other European countries and many countries across Asia, Oceania and the Americas. It has been a direct competitor to other major UK fintechs such as Wise and Revolut, and has been handling it in terms of fees.
With the shutdown, the company is now likely to deploy PagoFX assets and money transfer bars to grow its trade services business, offering small and medium-sized businesses (SMEs) and international businesses for international payments, supply chain and trade finance solutions.