Business

Latin American banks are exploring blockchain solutions

Banesco Panamá and Scotiabank Chile are studying blockchain for cross-border payments by exploring Ripple's solutions

  • Ripple has already announced the opening of an office in Brazil earlier this month
  • Banesco Panamá has already run a test and is now working with regulations to ensure that the technology complies with all requirements 
  • Scotiabank Chile still has to enhance its payments infrastructure in order to take better advantage of blockchain’s potential 

After the announcement of Facebook’s Libra, now another player in the sector is having a moment – Ripple.

With its cross-border payment solutions, Ripple is being tested by two Latin American banks, as they are committed to testing how to move capital with Ripple’s xCurrent. Information are from financial news agency iupana.

These banks, Banesco Panama and Scotiabank Chile have run tests to identify what it must be done to fully implement blockchain for cross-border payments and are positively impressed by the technology’s potential.

“It gives you traceability, and arrives directly, anywhere in the world,” said to iupana Rodrigo González, Banesco Panamá executive VP for innovation and transformation.

This is not the first move of Ripple’s into Latin America – the first was the company’s entrance in Brazil, with the launch of an office in the country earlier this month, precisely under the goal of spreading their services across the region.