Bank of Argentina uses Bitcoin for cross-border payments

Bank of Argentina uses Bitcoin for cross-border payments

Argentine Bank Banco Masventas (BMV) announced a partnership with Bitex, so customers can use Bitcoin for international payments as an alternative to SWIFT.

Bitex— financial service provider, based on the blockchain, based in Latin America.

According to BMW, the new service allows customers to transfer money from account to account in much less time than a traditional Bank transfers. BMW says that the new service will reduce the time to 24 hours.

According to the main shareholder of the financial institution Banco Jose Gacaca, this step will reduce the cost of cross-border payments and to help development of digital services of the Bank.

In addition to speeding up translation, Bitex claims that can provide a more secure transaction. According to their web site, Bitex observe “very strict rules”, including “know your customer” (KYC). They also hired Deloitte, one of the audit firms “Big four” that served as an unbiased third party during the consideration of the report on operations, procedures, and balances and means of the users and the company.

Earlier this month, was launched experimental platform XRapid from Ripple (XRP) , which is designed to facilitate cross-border transactions between financial institutions. Organizations participating in the project reported that the savings ranges from 40 to 70 percent. According to reports, the transfer took about two minutes.

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