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Customer experience 09 Jan 2023

BBVA is taking its cash flow management services to Central America with BAC Credomatic

BBVA has reached an agreement with BAC Credomatic that will benefit clients of both banks, thanks to wider geographical coverage for their cash management operations. Companies using BBVA Pivot will be able to make payments and transfers with their subsidiaries, customers and suppliers in six new Central American countries from the same cash management solution, which will now integrate BAC accounts as if they were BBVA's. Just one year after its launch, Pivot already has 1,500 clients and expects to reach a transaction volume of 680 billion euros by the end of 2022.

Companies operating in multiple geographies require increasingly efficient management of their banking procedures, liquidity and finance decisions, and other cash functions. This enhanced efficiency is possible with the centralisation of operations offered by solutions like BBVA Pivot.

Now, the partnership between BBVA and BAC will extend the advantages of BBVA Pivot to companies that have accounts in Costa Rica, Guatemala, Nicaragua, Panama, Honduras and El Salvador. The advantages of this service are a single global connectivity, a single point of contact and a single contract for all their national and international arrangements, operating through direct channels, SWIFT, web or app, and having comprehensive and expert assistance.

In the first phase, BBVA clients who also have a BAC account will be able to initiate payments and transfers from BBVA Pivot, as well as view or receive aggregate information about their accounts and operate with any from a single point, simply and with integration.

To date, BBVA Pivot has been available in 15 geographies and for 24 currencies. With this partnership, clients will be able to operate in 21 different geographies through the channel of their choice. In its first year of operation, it has almost doubled the number of clients, to 1,500 companies and large business groups; and it is expected that by the end of 2022 it will reach a transaction volume of 680 billion euros, equivalent to Turkey’s GDP.

“Central America is a region where BBVA Pivot has not been present until now and the agreement with BAC Credomatic enables us to respond to the demand of many of our Latin American and Spanish clients who operate with suppliers and customers in these countries,” explains Clara García Benedito, Head of Business Development Global Solutions at BBVA. “It is certainly an opportunity to grow, reach new clients and, at the same time, offer greater coverage to those who already use Pivot; they will be able to transact with six new countries, from a single global connectivity, with a single contract and a single point of contact,” she adds.

"BAC is the leading regional bank in local and cross-border payment solutions for clients through its TCD platform – Digital Corporate Treasury. We operate with the highest cybersecurity and availability standards, which allows us to establish alliances with world-class banks like BBVA," says Gisela Sánchez, regional director of Strategy and Corporate Relations of BAC.

BAC recently conducted an analysis of its portfolio of more than 145,000 corporate clients and more than 325,000 SMEs in order to stress the relevance of the segment in the Central American economy and promote a positive business transformation. Likewise, it carried out mapping to identify a baseline of the business lending portfolio, where 6% is already composed of projects with a positive social and environmental impact.

“We are proud to be the first regional bank to formalise the commitment to make positive financial deals. At BAC we want to continue breaking paradigms. We aspire to become a leader in banking with purpose, and that is why we have set our strategic objectives aimed at continuing to maximise not only the economic value, but also the environmental and social value for Central American communities,” says Gisela Sánchez, regional director of Strategy and Corporate Relations at BAC.

BBVA Pivot is now available to companies operating in Mexico, South America (Argentina, Peru, Colombia, Uruguay, Venezuela and Chile through a partnership with Bci), Europe (Spain, Turkey, Belgium, France, Portugal and the United Kingdom), the United States and Hong Kong.

BAC is the leading bank in Central America and has more than 4.3 million customers and more than 19,000 employees in the region. BAC took on the responsibility and opportunity to reimagine banking to generate prosperity in the communities it serves. Guided by integrity, excellence and passion in its work, it wants to be a pioneer and demonstrate that banking has the ability to maximise economic, environmental and social value, all at the same time and with the same rigour and excellence.

“The world needs it and at BAC we want to do it and do it well,” concludes Gisela Sánchez.