Made possible via a partnership with Latin America-focused exchange Bitex, the bank will be using bitcoin as a payment rail in international transactions as an alternative to SWIFT.
In a statement, Jose Dakak, the principal shareholder of Masventas, credits the move to a broader drive by Masventas to enhance it’s digital and smartphone-based services, as well as to lower costs of service. Dakak also noted that:
“One of the actions was to contract Bitex as a strategic partner in the implementation of the Bitex platform for payments and collections operations for our clients abroad.”
Meanwhile, Manuel Beaudroit, Chief Marketing Officer of Bitex believes this is the first time a local bank has adopted a cryptocurrency for cross-border payments. He also said:
“The customers will ask the bank to do an international payment, and the bank uses Bitex as a provider. For the customer, it’s transparent, they don’t touch, they don’t see the bitcoin. We are a provider for them, and they are not touching bitcoin.”