Firms looking to make business-to-business (B2B) financial operations between the US and Latin America (LatAm) market will now have an easier time doing so as Prometeo, the fintech infrastructure provider connecting global corporations, has announced Borderless Banking.
The new Borderless Banking offering is the next big Prometeo solution set to help firms make easier payments following Bank Account Validation offering announced in June 2024. The previous offering enabled LatAm businesses to connect with 100 per cent of US banks via one integration with a single provider and API. Now, with Borderless Banking, firms can access local accounts to receive payments and automate collections, facilitate international payment disbursement with real-time tracking, and optimise global treasury management by ensuring the visibility of balances in all accounts.
The offering incorporates account verification to minimise risks and enhance security in every transaction, giving businesses greater confidence and efficiency in their international operations.
“Legacy cross-border banking solutions have historically struggled to integrate between financial infrastructures, creating significant challenges for businesses to access new markets,” said Ximena Aleman, co-founder and co-CEO of Prometeo.
“With our Borderless Banking product, clients can seamlessly receive cross-border payments, open accounts for collections in foreign markets, and transfer funds across borders with full transparency. Built with a fully automated, API-driven experience, this solution provides real-time visibility into fund movements under a secure and compliant framework.”
Promoting cross-border payments
As LatAm imports from North America reached $507billion in 2022 and intra-regional trade flows among LatAm countries reached $228billion in the same year, Prometeo’s solution will promote access to payment rails in the region, which remains largely manual and only 30 per cent digitised. Borderless Banking will initially be available in the US, Mexico, Brazil, Colombia and Argentina.
The global cross-border payments market is projected to grow at an 11 per cent compound growth rate (CAGR) over the next decade, reaching a total volume of $1.368trillion and generating revenue between $57billion and $303billion.
Businesses using Prometeo’s cross-border product are provided full transparency and traceability with their funds while tracking every payment, from initiation to settlement, with real-time visibility. With ISO 27001 certification and 24/7 system monitoring, Prometeo couples enterprise-grade security and reliability with a seamless digital user experience.
