60 Latin American banks involve bitcoin for cross-border payments

A leading Latin American provider of banking solutions Bantotal has entered into a partnership with the exchange Bitex to run a quick and affordable international payments. It is reported by CoinDesk.

«The integration of Bitex in the program Bantotal marks an important step, a breakthrough blockchain-technologies in banking», — said Director of marketing Bitex Manuel Bodra.

Bantotal is a key provider of banking services in Uruguay, serving more than 60 financial institutions in 14 countries. In particular, the services of Bantotal for managing capital are about 20 million people.

Bantotal customers will interact with the trading platform Bitex through decision BDevelopers.

«With this technology, banks will be able to access the API and to fully control the implementation process cross-border payments, clearly and firmly, using the bitcoin blockchain» — added Bogra.

Also, according to him, the new approach can five times to reduce transaction costs of financial services users, greatly speeding up international payments.

Bitex acts essentially as an intermediary between banks of different countries, different converts Fiat currency to bitcoin and back instead of multiple exchanges of the various national currencies with the attendant costs.

«If I want to make a payment from Argentina to Chile, I don’t need to buy dollars for pesos, and then transfer them to USA and then to Chile to exchange them for already on local peso — says the representative of the Bitex. — I can just make a payment from Argentina to Chile directly using bitcoin»

Bodra calls this process «p2p-banking». According to him, Bitex convert local currency into bitcoin and back, and is also engaged in the distribution of funds on Bank accounts.

Vice-President of the nonprofit organization Bitcoin Argentina and founder of blockchain startup Koibanx Leo Alguien noted that the transfer of funds between different banks in Latin America usually takes between 48 to 96 hours.

«Buying and converting bitcoin, Bitex makes everything on your behalf. You, as a user, just send the money and Bitex cares about the rest», — said Elduayen.

ForkLog previously reported that thanks to Bitex and Alto Viaje residents of the 37 cities of Argentina had the opportunity to pay with bitcoin in public transport.


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