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Argentinian Banco Masventas (BMV) has revealed a partnership with Bitex to allow customers to make cross-border payments in Bitcoin. They aim to utilise Bitcoin as a low-fee cryptocurrency which can be transferred across borders and easily exchanged for fiat currencies.
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 statements, Jose Dakak, principal shareholder of Masventas, credited the move to a broader drive by the bank to enhance its digital, smartphone-based services, as well as to lower the bank’s cost of service.
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.
U.K. bank Santander has continued their move into the blockchain ecosystem by announcing their new app One Pay FX which uses Ripple technology in April. The app was launched in Spain, the U.K., Brazil, and Poland and is designed to make cross-border payments in a matter of minutes. It runs on xCurrent, a payment solution provided by Ripple Net but does not exclusively use XRP which is associated with Ripple. XRP is used by xRapid, another solution, and has been successfully trialled by Mercury FX.
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.”