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While fintechs have been quickly carving out ground in the space, Santander is the first European bank to launch a payments solution that allows customers to make real time transfers into Brazil in local currency.
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"Our strategy is also to go to the open market particularly in geographies where we are not present through a commercial bank. When our licenses are granted by the regulators through e-money vehicles we will offer essentially the same services directly to customers across the entirety of Europe. We will passport our license and offer the service into the new markets."
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