Prometeo, (the “Company”) a leading fintech infrastructure company connecting global corporations with financial institutions in Latin America and the United States, today announced the launch of its Borderless Banking offering to support business-to-business (B2B) financial operations between the U.S. and LatAm markets.
This product integrates directly with the banking infrastructure in the U.S. and LatAm, providing businesses with a comprehensive solution to manage their financial operations. Through a single platform, it enables access to local bank 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 and account status across multiple markets. Additionally, it incorporates account verification to minimize risks and enhance security in every transaction, giving businesses greater confidence and efficiency in their international operations.
“Legacy cross-border banking solutions have historically struggled to integrate between financial infrastructures, creating significant challenges for businesses to access new markets,” said Ximena Aleman, Co-Founder and Co-CEO of Prometeo.” 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 2022X 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.
Initially the solution will be available in the U.S, Mexico, Brazil, Colombia and Argentina. With a rapidly expanding market coverage, this launch follows Prometeo’s U.S. Bank Account Validation offering announced in June 2024, which enables Latin American businesses to connect with 100% of US banks via one integration with a single provider and API.