Argentinian Bank Will Use Bitcoin For International Transactions
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Argentinian Bank Will Use Bitcoin For International Transactions

Argentina’s Banco Masventas (BMW), has announced a partnership with Bitex. Bitex will allow customers to use Bitcoin for foreign payments as an alternative to SWIFT, as indicated by a Facebook post on 21 May. Bitex is a Latin American financial service provider, based on Blockchain technology.

As per BMV, the new services enable clients to transfer money from one account to another in less time than conventional bank transfers. BMV states that the new services will reduce the time of transfer by up to twenty-four hours

José Humberto Dakak, a major stakeholder of Masventas, said that the move plans to fortify the bank’s digital and cell phone-based services and lessen the service cost while banking.

José Humberto Dakak added:

“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 speeding up exchanges, Bitex claims that it can give a more secure transaction. As per their site, Bitex observes and follows the strictest consistency guidelines and know-your-customer (KYC) measures. They have also enlisted one of the “Big Four” accounting and audit firms, Deloitte, to fill in as an impartial outsider to audit and provide details regarding activities, techniques, and on balances and funds of users and the company.

At the start of this month, a pilot of Ripple (XRP’s) xRapid platform was launched, which is intended to encourage cross-border fiat transfers between monetary institutions. Those who took an interest in this project announced savings of up to 40-70 percent on transactions. Payment via the new pilot apparently took around two minutes, instead of the normal 2-3 days required by numerous regular cross-border payments.

The financial messaging provider, supplier SWIFT published a report in March, regarding how Distributed Ledger Technology (DLT) and proof of concept (PoC) could help nostro account reconciliations. SWIFT indicated that 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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Madhuri Arora
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