Argentinian Bank Now Using Bitcoin for Cross-Border Transactions
23 Mai 2018 - 2:16PM
ADVFN Crypto NewsWire
Argentinian Banco Masventas (BMV), has announced a partnership
Bitex to enable clients to use Bitcoin for international payments
as an alternative to SWIFT, according to a Facebook post May 21. Bitex is a
blockchain-based financial services provider based in Latin
America.
According to BMV, the new service allows
customers to transfer money from account to account in less time
than traditional bank transfers. BMV states that the new service
will reduce transfer times by up to 24 hours.
José Humberto Dakak, a principal shareholder of
Masventas, said that the move intends to
strengthen the bank’s digital and smartphone-based services and
reduce banking service costs. He said:
“One of the initiatives is to use Bitex as a strategic
partner to provide our overseas customers with payment and
collection services at the Bitex Exchange.”
In addition to expediting transfers, Bitex claims that
it can provide more secure transactions. According to their website, Bitex observes “the
strictest compliance rules” and know-your-client (KYC) measures. They have also hired
one of the “Big Four” accounting and audit firms, Deloitte, to serve as an impartial third party to
review and report on operations, procedures, as well as on balances
and funds of users and the company.
Earlier this month, a pilot of Ripple (XRP)’s xRapid
platform was launched, which is designed to facilitate cross-border
fiat transfers between financial institutions. Organizations who
participated in the project reported transaction savings of 40-70
percent. Payments through the new pilot
reportedly took around two minutes, as opposed to the average 2-3
days required by many conventional cross-border payments.
In March, financial messaging provider SWIFT published a report on how
distributed ledger technology (DLT) proof of concept (PoC) could help nostro account reconciliations.
According to SWIFT, the PoC, “went extremely well, proving the
fantastic progress that has been made with DLT and the Hyperledger
fabric in particular.”
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