LatAm Fintech Leader Unveils Borderless Banking for Global Growth
Prometeo, a leading fintech infrastructure company specializing in connecting global corporations with financial institutions across Latin America (LatAm) and the United States (U.S.), has officially launched its innovative Borderless Banking offering. This new product is designed to revolutionize business-to-business (B2B) financial operations between the U.S. and LatAm markets by providing an integrated, seamless, and secure financial infrastructure. By leveraging cutting-edge technology and automation, Prometeo aims to address the longstanding challenges businesses face when navigating cross-border financial transactions.
A Comprehensive Financial Solution for Businesses
Prometeo’s Borderless Banking offering is a state-of-the-art solution that directly integrates with the existing banking infrastructure in both the U.S. and LatAm. This enables businesses to efficiently manage their financial operations across multiple markets with ease. Through a single, unified platform, businesses gain access to local accounts for receiving payments and automating collections, as well as international payment disbursement capabilities with real-time tracking features. Additionally, the system provides enhanced treasury management tools, ensuring complete visibility of balances across all accounts.
One of the standout features of this offering is its incorporation of robust account verification mechanisms. These security measures help to minimize risks Borderless Banking associated with fraud, ensuring that businesses can conduct international financial transactions with a greater degree of confidence and efficiency. By prioritizing security and transparency, Prometeo empowers businesses to optimize their operations while mitigating financial risks.
Addressing Cross-Border Banking Challenges
Historically, legacy cross-border banking solutions have struggled with integration between diverse financial infrastructures, making it difficult for businesses to seamlessly access new markets. Many companies have encountered inefficiencies, high operational costs, and slow transaction processing due to outdated financial networks.
Prometeo’s Co-Founder and Co-CEO, Ximena Aleman, highlighted the transformative impact of the Borderless Banking product, stating, “Legacy cross-border banking solutions have historically struggled to integrate between financial infrastructures, creating significant challenges for businesses to access new markets. 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.”
This product represents a significant step forward in addressing the inefficiencies of traditional cross-border financial solutions. By utilizing an API-first approach, Prometeo has streamlined the process of financial transactions, eliminating manual interventions and significantly reducing processing times. Businesses can now benefit from a highly efficient, reliable, and secure system that enables smooth financial interactions between the U.S. and LatAm.
The Growing Need for Cross-Border Payment Solutions
The demand for innovative cross-border payment solutions has never been higher, particularly in regions like Latin America where digital financial infrastructure is still evolving. According to market data, LatAm imports from North America reached an impressive $507 billion in 2022, demonstrating the critical need for efficient and reliable cross-border payment solutions. Furthermore, intra-regional trade flows among Latin American countries reached $228 billion within the same period, underscoring the region’s growing economic interconnectivity.
Despite these substantial trade volumes, financial transactions in the region remain largely manual, with only 30% of payments digitized. This reliance on outdated financial processes creates significant operational inefficiencies, leading to delays, increased costs, and security risks. Prometeo’s Borderless Banking solution directly addresses these pain points by promoting access to modernized payment rails, ultimately fostering a more efficient and digitally inclusive financial ecosystem.
Moreover, the global cross-border payments market is expected to experience robust growth over the next decade. Industry analysts project that the market will expand at an 11% compound annual growth rate (CAGR), reaching a total transaction volume of $1.368 trillion. This rapid growth is expected to generate revenues ranging from $57 billion to $303 billion, further highlighting the lucrative opportunities in this sector.
With Prometeo’s innovative solution, businesses operating in LatAm and the U.S. can take advantage of these emerging market trends, enhancing their operational capabilities while positioning themselves for sustained growth in the digital economy.
Ensuring Transparency, Security, and Compliance
A key advantage of Prometeo’s cross-border banking solution is its emphasis on transparency and traceability. Businesses utilizing this platform benefit from full visibility into their financial operations, enabling them to track every payment from initiation to settlement in real time. This level of transparency is particularly valuable in cross-border transactions, where delays, mismanagement, and lack of visibility have historically been major concerns.
To ensure the highest levels of security and compliance, Prometeo’s system is equipped with enterprise-grade security measures. The company holds ISO 27001 certification, which guarantees adherence to international standards for information security management. Additionally, Prometeo employs 24/7 system monitoring, offering businesses continuous Borderless Banking oversight of their financial operations. These stringent security measures help businesses mitigate risks associated with fraud and cyber threats, providing them with peace of mind as they expand their international financial operations.
Expanding Market Coverage and Future Growth
Prometeo’s Borderless Banking solution will initially be available in key markets, including the U.S., Mexico, Brazil, Colombia, and Argentina. These countries represent some of the largest economies in the region and are crucial hubs for cross-border trade. By launching in these strategic locations, Prometeo aims to create a strong foundation for its financial infrastructure, facilitating seamless transactions between businesses operating in these markets.
The introduction of Borderless Banking follows Prometeo’s successful launch of its U.S. Bank Account Validation offering in June 2024. This service enables LatAm businesses to connect with 100% of U.S. banks through a single integration with one provider and API. This milestone underscores Prometeo’s commitment to expanding its fintech capabilities and bridging the gap between financial institutions across the Americas.
Looking ahead, Prometeo plans to continue expanding its market coverage, integrating additional countries and financial institutions into its ecosystem. The company is dedicated to fostering financial inclusion and digitization, ensuring that businesses across LatAm and the U.S. have access to cutting-edge financial tools that drive efficiency, security, and growth.
