Argentinian bank Banco Masventas (BMV) and a Latin American exchange Bitex announced a partnership on May 21st. The partnership will enable bank’s clients to use Bitcoin (BTC) for international payments as an alternative to SWIFT.
BMV claims that the service will reduce transfer times by as much as 24 hours. According to the announcements, BMV will be the first bank to offer settlement services in Bitcoin.
“The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries,” BMV explains in the announcement.
How does it work?
If a client wants to use the BTC settlement service, an account representative will assist in facilitating the transaction. The bank explains that if an individual already holds a current account with BMV it is likely that they qualify for the Bitcoin payment service.
The cost of an international transfer with BTC settlement is 3% + VAT.
According to Bitex, this will also improve the security. Bitex claims to adhere to “the strictest compliance rules” and KYC (know-your-client) measures.
What do you think about BTC settlements as an alternative to SWIFT? Let us know in the comments below!