Banco Santander to offer on-demand wage access for Spanish SMEs through new CloudPay partnership
Banco Santander has partnered with global payroll and payment solutions provider CloudPay to offer on-demand wage access to its SME customers in Spain.
Banco Santander to adopt CloudPay NOW
These capabilities will be powered by CloudPay NOW, a pay-on-demand solution launched by CloudPay in 2021.
The solution is based on Visa’s original card transaction (OCT) technology, while payments are processed through Checkout.com and Nuvei.
This combination will provide employees of Santander’s SME customers access to their earned wages “anytime, anywhere”, according to the vendor, in a service “typically accessible only to larger enterprises”.
Alberto Fernández Tomé, head of new revenue streams and partnerships at Banco Santander, comments: “This partnership enables us to give businesses of all sizes the tools to attract and retain talent while fostering a positive and financially empowered workplace culture.
“By providing instant access to earned wages, we’re enhancing the employee experience and supporting financial wellness for our clients’ workforces.”
The arrival of on-demand wage access builds on Santander’s expanding suite of business solutions. In October, the bank launched Getnet SEP, a tool to manage e-commerce payments, for merchants in Latin America.
It later came together with Tokyo-based Dentsu through its corporate and commercial banking arm in November to begin developing an SME-specific international growth platform, which is expected to launch in Q2 2025.
