Core LatAm banking service provider Bantotal enters a partnership with Bitex crypto exchange to streamline cross-border payments through the Bitcoin blockchain ecosystem.
The collaboration is intended to revamp the way cross-border payments are facilitated, using Bitext crypto exchange as "a middleman for national and regional banks." It is essentially identified as a type of conversion-based "peer-to-peer banking." The benefits of such a partnership extend to "accessibility of Bitex services for Latin American consumers," ultimately giving them access to blockchain technology, as well as a "contribution to the national GDP's growth" of the countries where it is implemented.
The Bantotal x Bitex cross-border payment system will be available to Bantotal clients through the provider's BDevelopers program. In addition, facilitated access to API for banks will ensure the financial institutions have control over the converting procedure.
Photo Credits: Bantotal/ LinkedIn
Cryptocurrency-Based Cross-Border Payments
Bantotal & Bitex Target Around 60 Latin American Banks
Trend Themes
1. Cryptocurrency-based Cross-border Payments - The partnership between Bantotal and Bitex is streamlining cross-border payments through the Bitcoin blockchain ecosystem.
2. Peer-to-peer Banking - The collaboration between Bantotal and Bitex introduces a conversion-based peer-to-peer banking system for national and regional banks.
3. Blockchain Accessibility for Latin American Consumers - The partnership enables Latin American consumers to access blockchain technology through the Bitex services offered by Bantotal.
Industry Implications
1. Banking - The cross-border payment system offers disruptive innovation opportunities for banks to enhance and streamline their international transactions.
2. Cryptocurrency Exchanges - The collaboration creates disruptive innovation opportunities for cryptocurrency exchanges to act as intermediaries for cross-border payments and expand their services to the Latin American market.
3. Financial Technology (fintech) - The partnership between Bantotal and Bitex provides FinTech companies with an opportunity to offer blockchain-based cross-border payment solutions to customers in Latin America.