Following this announcement, the new Borderless Banking tool will integrate a cross-border product suite in order to catalyse B2B payment rails between the regions of North America and LATAM. The solution integrates directly with the banking infrastructure in the US and LATAM, aiming to provide businesses with a comprehensive solution for managing their financial operations.
In addition, Borderless Banking will enable access to local accounts for receiving payments and automating collections while also facilitating international payment disbursement with real-time tracking and improving global treasury management by ensuring overall visibility of balances in all accounts.
Prometeo represents a fintech infrastructure company that provides corporations with the possibility to integrate with the needed financial system in Latin America. Through its embedded banking software platform and multi-banking service, the firm also enables clients to access information and transaction services through a single API.
Through this initiative, the offering was developed to incorporate account verification in order to minimise risk and improve security in every transaction, a process that is expected to deliver businesses enhanced confidence, security, and efficiency in their international operations. At the same time, customers will have the possibility to receive cross-border payments, open accounts for collections in foreign markets, and transfer money across borders with full transparency and protection. Borderless Banking was designed with a fully automated API-driven experience, aiming to provide real-time visibility into fund movements under a secure and compliant framework.
This solution will initially be available in the US, Mexico, Brazil, Colombia, and Argentina. Borderless Banking is expected to promote access to payment rails in LATAM as well, as the region remains largely manual and only 30% digitised.
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