According to a Facebook post on May 21, it has been announced by Argentinian Banco Masventas (BMV) that they are partnering with Bitex which is a blockchain-based financial services provider based in Latin America. The motive behind this is to enable clients to use Bitcoin as an alternate option to SWIFT for international payments. This new service as said by BMV is going to allow customers to transfer money from one account to another in less time than traditional bank transfers, reducing the transfer time up to 24 hours.

The intention of this move is to improve bank’s digital and smartphone-based services and to reduce the banking service costs, as conveyed by José Humberto Dakak, a principal shareholder of Masventas. He also said that Bitex will be used as their strategic partner to provide their overseas customers with services like payments and collections at the Bitex exchange. It has been claimed by Bitex that they can provide more secure transactions for expending transfers.

Bitex website indicates “the strictest compliance rules” and KYC measures. Also, Deloitte, one of the biggest accounting and audit firms, has hired as an impartial third party for reviewing operations, procedures and for balancing users and company funds.

A pilot of Ripple (XRP)’s xRapid platform which was launched earlier this month was specifically designed to make cross-border fiat transfers between financial institutions easier. Transactions savings of 40-70 percent is reported by the organizations that participated in the pilot. On an average, 2-3 days was required by many conventional cross-border payments, whereas the new pilot for the payments took only close to two minutes.

SWIFT the financial messaging provider in March published a report describing how distributed ledger technology (DLT) proof of concept (PoC) could help nostro account reconciliations. According to SWIFT, the PoC, went great and also made great progress with DLT and Hyperledger fabric.

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