Santander's PagoFX to Shut Down International Money Transfer Service in November

Fazzaco learned that Santander's PagoFX, a part of the fintech PagoNXT, will close the international money transfer service in the UK, Spain and Belgium on November 30, 2021.

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As detailed in the official announcement, the company has already stopped the registration and verification process of new accounts but will allow existing customers to use its services until November 29. The platform will close all accounts by December 7 unless the accounts are pending transactions.

However, the company is only shutting down its money transfer app, but the fintech entity of the Spanish bank will continue to offer services in its other business vertices. PagoFX’s technology and resources will be used to support the wider PagoNxt Group and its customer proposition.

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With the closure, the fintech is now likely to deploy PagoFX assets and money transfer rails to grow its trade services businesses, offering small and medium-sized enterprises (SMEs) and corporates international payments, supply chain and trade finance solutions.