Companies seeking to make business-to-business (B2B) monetary operations between the US and Latin America (LatAm) market will now have a better time doing in order Prometeo, the fintech infrastructure supplier connecting world firms, has introduced Borderless Banking.
The brand new Borderless Banking providing is the following huge Prometeo resolution set to assist corporations make simpler funds following Financial institution Account Validation providing introduced in June 2024. The earlier providing enabled LatAm companies to attach with 100 per cent of US banks by way of one integration with a single supplier and API. Now, with Borderless Banking, corporations can entry native accounts to obtain funds and automate collections, facilitate worldwide cost disbursement with real-time monitoring, and optimise world treasury administration by making certain the visibility of balances in all accounts.
The providing incorporates account verification to minimise dangers and improve safety in each transaction, giving companies better confidence and effectivity of their worldwide operations.
“Legacy cross-border banking options have traditionally struggled to combine between monetary infrastructures, creating vital challenges for companies to entry new markets,” stated Ximena Aleman, co-founder and co-CEO of Prometeo.
“With our Borderless Banking product, shoppers can seamlessly obtain cross-border funds, open accounts for collections in international markets, and switch funds throughout borders with full transparency. Constructed with a totally automated, API-driven expertise, this resolution supplies real-time visibility into fund actions underneath a safe and compliant framework.”
Selling cross-border funds
As LatAm imports from North America reached $507billion in 2022 and intra-regional commerce flows amongst LatAm nations reached $228billion in the identical 12 months, Prometeo’s resolution will promote entry to cost rails within the area, which stays largely guide and solely 30 per cent digitised. Borderless Banking will initially be out there within the US, Mexico, Brazil, Colombia and Argentina.
The worldwide cross-border funds market is projected to develop at an 11 per cent compound development charge (CAGR) over the following decade, reaching a complete quantity of $1.368trillion and producing income between $57billion and $303billion.
Companies utilizing Prometeo’s cross-border product are offered full transparency and traceability with their funds whereas monitoring each cost, from initiation to settlement, with real-time visibility. With ISO 27001 certification and 24/7 system monitoring, Prometeo {couples} enterprise-grade safety and reliability with a seamless digital consumer expertise.
