SAN - Santander continues to digitize with launch of eLockBox product

Banco Santander's (NYSE:SAN) U.S. bank has introduced the Santander eLockBox, an electronic lockbox that helps consolidate incoming digital payments and simplify electronics receivables management. The product "allows customers to automate their revenue cycle, saving them time, reducing costs, and optimizing more resources to help support the core needs of their organizations, Santander (SAN) said in a statement Wednesday. The company added that the eLockBox enables companies to access funds faster than with a traditional lockbox service and the process eliminates manual data entry, reducing risks and overall operating costs. The new product comes as the pandemic highlighted the need for a more digitized, contactless payment process, the company said.

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Santander continues to digitize with launch of eLockBox product