Following this announcement, the integration will enable Guatemala customers to receive funds from the US instantly and securely for a fee of USD 0.99 by leveraging only a phone number through their existing banking application. The clients will not be required to use IBANs, crypto wallets, or other steps in the process.
In addition, by embedding SukuPay inside Zigi, Banco Industrial will have the possibility to adopt stablecoin rails as a core remittance engine. Officials from SukuPay have mentioned that they are not offering a crypto product through the partnership, but aim to power real-world payments that work for individuals regardless of whether them being banked or unbanked.
According to the official press release, traditional remittance services remain outdated and burdened by high fees in the region of Guatemala, with slow settlements and user experiences affecting the overall satisfaction of customers. With this in mind, SukuPay aims to abstract away the overall crypto complexity for clients, as they will be enabled to send and receive money through phone-number-based identity, embedded within the Zigi application.
Whether initiated by debit card, Apple Pay, or cash at retailers, the funds will arrive in Guatemala in a fast and secure manner, while the service will be available for clients 24/7. At the same time, the partnership will modernise remittances without compromising on compliance, customer trust, or user experience. SukuPay and Banco Industrial will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
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