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Digitalization has accelerated a move toward real-time payments for Latin American banks, along with a host of new capabilities and offerings.
The global pandemic accelerated a digital transformation across Latin America. Since then, businesses have increasingly embraced online portals and mobile apps for payments, collections, and reporting.
This shift has fueled a significant trend toward real-time payment systems. Pix, the Central Bank of Brazil’s instant-payment platform, exemplifies this transformation, inspiring Colombia, Chile, and Peru to develop their own real-time capabilities. Accordingly, banks are stepping up to provide immediate processing, reconciliation, and liquidity updates, ensuring seamless financial operations for their clients.
Best Bank for Transaction Banking & Best Corporate Cross-Border Payment Solution | Santander
Santander, a pan-Latin American powerhouse in transaction banking, earns titles as Best Bank for Transaction Banking and for providing Best Corporate Cross-Border Payments Solutions. Operating across Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, the bank effectively covers 80% of the region’s GDP.
Prioritizing customer service, Santander invests heavily in cutting-edge technology and digital infrastructure, particularly in cash management, to deliver innovative solutions. These include strategic alliances with SAP, API instant bank position tools, and visibility of incoming and outgoing cross-border payments directly from the Swift’s G4C tracker, as well as significant enhancements to the bank’s own Nexus Global Collections and Nexus Global Portal.
“Latin America is a key region for Santander,” says Mencía Bobo, global head of Global Transaction Banking at Santander Corporate and Investment Banking, “and we continue to invest in strengthening our competitive offerings and digital capabilities. Our commitment to innovation and deep market knowledge helps us stay close to our clients, supporting them through this period of rapid technological disruption.”
Best Bank for Cash Management & Best Bank for Financial Institutions | Citi
Citi boasts a high-return business with revenue exceeding $19.6 billion in 2024: a 9% increase from 2023 and a remarkable 16% annual growth rate since 2021. Citi’s offerings include Spring by Citi for seamless online payments, an instant-payments network with Pay by Bank, and sophisticated liquidity-management tools including Real-Time Liquidity Sharing and Virtual Accounts.
Payment Exchange further streamlines both business-to-business and business-to-customer flows. Recent additions include a white-label, cross-border payment tracking solution; CitiDirect Digital Onboarding for rapid account opening; and DocuSign for secure e-signatures.
Best Bank for Long-Term Liquidity Management | BBVA
BBVA maintains a strong presence across Latin America, including Colombia, Mexico, Peru, and Venezuela. BBVA is consistently recognized for its digital transformation efforts and for its innovative treasury and liquidity management solutions, leveraging its robust regional network to facilitate efficient cross-border cash management.
Best Bank for Payments & Best Bank for Collections | Scotiabank
Scotiabank offers Telebanking, an intuitive digital platform that streamlines cashier’s checks, transfers, and mass payments. Recent innovations include an in-house payment button, a dynamic online-payments dashboard, and customized reporting functionalities.
“Our client-centric strategy has driven the development of innovative digital solutions that simplify and optimize treasury operations across Latin America,” says Chad Wallace, the bank’s executive vice president of Global Transaction Banking. “From real-time cash visibility and automated collections to integrated payment platforms and advanced reporting tools, we are helping clients manage complex financial ecosystems with greater security and efficiency.”
Scotiabank’s deep regional presence gives it a nuanced understanding of local market dynamics, Wallace says, enabling the bank to deliver highly effective solutions. “Digitization and personalized service are key to meeting and exceeding client expectations,” he says. “By combining technology with deep transaction banking expertise, we work to deliver a consistent and exceptional banking experience across our footprint in the Americas.”
Best Provider of Short-Term Investments/Money Market Funds | Itau Unibanco
Itau Unibanco distinguishes itself for technological innovation and sophisticated treasury solutions that are essential for effective short-term investment management. Itau also boasts a significant asset management arm, further solidifying its position on the financial playing field.
