Cross Border Payments

Banks can now process cross border payments in LATAM

In a breakthrough for the crypto industry in Latin America, Bitex has partnered with prominent banking service provider Bantotal. The partnership aims to make cross-border payments easier using the Bitcoin blockchain.

Bantotal is a leading provider of banking services that is based in Uruguay. It offers its services at least 60 various entities offering financial services spread across 14 different countries. Practically 20 million customer’s use money management services of Bantotal. The partnership between the two giants will allow Bantotal’s clients to use the crypto exchange’s services, through its BDeveloper program. Also, Bitex facilitates the conversion of fiat to crypto to fiat for cross border payments. Thus, this will be a major step in blockchain tech for banking. Chief Marketing Officer of Bitex, Manuel Beaudroit said the bank could have permission to access an API and manage the entire cross-border payment process. This will thus come along with visibility and credibility over the bitcoin blockchain.

According to Beaudroit, the transfers were much faster, after adopting the cross-border payments solution of Bitex. At one stage, the payment period for exporters within Argentina and Paraguay declined from 30 days to 1 hour. As per the source, Bitex will act as a peer-to-peer trading platform for banks, which reduces costs of transactions, time consumed for transfers.

In the month of May, Singapore Central Bank completed its first cross border blockchain payment along with the Central bank of Canada.