60 Latin American banks use bitcoin for cross-border payments

Bantotal, a leading Latin American banking provider, has partnered with Bitex to launch fast, low-cost international payments. It is reported by CoinDesk.

“The integration of Bitex into the Bantotal program marks an important step, a breakthrough in blockchain technology in banking,” said Manuel Bodrois, Marketing Director for Bitex.

Bantotal is a key banking provider in Uruguay, serving more than 60 financial institutions in 14 countries. In particular, about 20 million people use Bantotal’s money management services.

Bantotal customers will interact with Bitex through the BDevelopers solution.

“With this technology, banks will be able to access the API and fully control the process of cross-border payments, visually and reliably, using the Bitcoin blockchain,” Bodroix added.

Also, according to him, the new approach can reduce transaction costs of users of financial services by five times, significantly accelerating international payments.

Bitex acts, in fact, as an intermediary between banks of different countries, converting various fiat currencies into bitcoin and vice versa instead of multiple exchanges of various national currencies with associated costs.

“If I want to make a payment from Argentina to Chile, I don’t need to buy dollars for pesos, then transfer them to the USA, and then to Chile and exchange them for local pesos already,” a Bitex representative explains. “I can simply make a payment from Argentina to Chile directly using bitcoin.”

Bodroix calls this process “p2p banking.” According to him, Bitex converts local currencies into Bitcoin and vice versa, and also distributes funds in bank accounts.

Vice President of the non-profit organization Bitcoin Argentina and founder of the blockchain startup Koibanx, Leo Elduayen, noted that transferring funds between different Latin American banks usually takes from 48 to 96 hours.

“By buying and translating bitcoins, Bitex does everything on your behalf. You, as a user, simply send money, and Bitex takes care of everything else, ”said Elduayen.

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