Prometeo, a Fintech infrastructure company connecting corporations with financial institutions in Latin America and the US, announced the launch of its Borderless Banking offering to support business-to-business (B2B) financial operations between the US and LatAm markets.
This product integrates with the banking infrastructure in the U.S. and LatAm, providing businesses with a “solution to manage their financial operations.”
Through a single platform, Borderless Banking enables access to local accounts for “receiving payments and automating collections, facilitates international payment disbursement with real-time tracking, and optimizes global treasury management by ensuring visibility of balances in all accounts.”
Additionally, the offering incorporates account verification to “minimize risks and enhance security in every transaction, giving businesses greater confidence and efficiency in their international operations.”
Ximena Aleman, Co-Founder and Co-CEO of Prometeo said:
“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.”
As LatAm imports from North America reached “$507 billion in 2022 and intra-regional trade flows among LatAm countries reached $228 billion in the same year, Prometeo’s solution will promote access to payment rails in the region, which remains largely manual and only 30% digitized.”
The global cross-border payments market is projected to “grow at an 11% compound annual growth rate (CAGR) over the next decade, reaching a total volume of $1.368 trillion and generating revenue between $57 billion and $303 billion.”
Businesses using Prometeo’s cross-border product are provided full transparency and traceability with their funds while “tracking every payment, from initiation to settlement with real-time visibility.”
With ISO 27001 certification and 24/7 system monitoring, the company couples “enterprise-grade security and reliability with a seamless digital user experience.”
This solution will initially be available in the U.S, Mexico, Brazil, Colombia and Argentina.
With an expanding market coverage, this launch follows Prometeo’s U.S. Bank Account Validation offering announced in June 2024, which “enables LatAm businesses to connect with 100% of U.S. banks via one integration with a single provider and API.”
As covered, Prometeo stands as the fintech infrastructure enabler that allows corporations to “integrate with the financial system in Latin America.”
Through its embedded banking software platform and multi-banking solution Prometeo empowers clients with “automated access to information and transactions through a single API.”
This technology enables access to the largest network provided in Latin America consisting of “more than 1,500 connections to 1,200 financial institutions across 11 countries.”
The company notes that it remains “a partner of the banks and fintechs in the region including Citi, MercadoLibre, OpenPay, Bancolombia, Banco Santander, Banco Estado from Chile, Rappi, PayU, Monnet, VTEX, among others.”