Bitex is being meshed with a leading bank technology provider for cross-border payment along with involvement of Bitex to Bantotal, a core banking service providing services over 60 different financial institutions across 14 different countries, program strongly refers to a major step toward blockchain technology. Bantotal is one of the biggest banking providers in Latin America. Bitex is a good solution for payments. All the services of Bantotal are offered with BDevelopers program. As a result of the partnership clients have the access to all financial services of the institution.
Banks also can now access to API and full process of cross-border payment. The fees for payment is much cheaper with Bitex compared to others and transferring process is faster. This makes competition harder for the competitors like Stellar.
Working Process of Bitex
As a intermediary Bitex mainly works and convert cryptos to fiat. People can send a payment from one corner to another direct using bitcoin rather than buying dollar and then change it again which is easier. The institution manages the conversion of local currencies into and from bitcoin and diverting into national bank accounts. For completion of all the process somehow 48 to 96 hours is needed. So its really a good solution to payment system.
It is assumed that accessibility to Bitex services for consumers in the state will increase in an alarming rate as there are a number of hurdles still left to get banks on board. So banks should maintain KYC and AML methods as still there is regulatory uncertainty. But still there is confusion that banks will select to operate with Bitex but it is a good step.
Reconstruction of Faith
Because of this partnership, the exposure of Latin American to the opportunities of Blockchain technology will be accelerated and assist in reconstructing customer faith in financial institutions. Increasing of national GDPs by enabling more commerce to flow is expected to be happened. The work of Bitex became praiseworthy and got spread.