Bantotal a leading bank technology provider in Latin America is partnering with cryptocurrency exchange Bitex to facilitate cross-border payments over the bitcoin blockchain.
Bantotal is a core banking service provider based in Uruguay that services over 60 different financial institutions across 14 different countries. According to a Bantotal spokesperson, an estimated 20 million people use Bantotal’s money management services.
The partnership in the eyes of competitors such as Stellar, which also specializes in cross-border payments leveraging its own blockchain network, is seen as a positive signal.
Bitex essentially acts as a middleman for national and regional banks to convert fiat payments into bitcoin then back into fiat, as opposed to completing multiple fiat-to-fiat conversions.
In June, Visa also announced the commercial launch of the Visa B2B Connect, a distributed ledger-based, non-card payment network to help eliminate friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank.