According to a publication named Toshi Times, the principal shareholder of Argentinian bank Banco Masventas has stated that the bank will drop out from the global financial network known as SWIFT and begin using the Bitcoin blockchain network in order to settle international payments.
The question that everyone is asking themselves right now is the following:
Can Bitcoin replace SWIFT?
What’s certain is that one cryptocurrency payment service provider based in South America named Bitex is planning a strategic partnership with banks in order to outsource the conversion process of Bitcoin to fiat currencies to Bitex. This will then send Bitcoin to the recipient and the end cost would be the Bitcoin transaction fee that is sent to miners that verify transactions on the blockchain – as well as the fee charged by Bitex.
According to Banco Masventas:
“The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries,”
Dakak also noted that one of the main and starting actions that the bank took to streamline the implementation process of Bitcoin was to cooperate with the Bitex development team and therefore ensure that the recipients of Bitcoin payments can seamlessly receive transactions without boundaries. As Dakak stated:
“One of the actions was to contract Bitex as a strategic partner in the implementation of the Bitex platform for payments and collections operations for our clients abroad.”
The SWIFT network which is currently utilized by the world’s biggest banks and financial institutions is a messaging network that lets banks share information – and sending a payment from one bank to another requires a message to be sent on the SWIFT network. This can take at least five business days to three weeks depending on the size of the payment.
With Bitcoin, banks will benefit from the most robust blockchain protocol with the longest track record.
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The result will be more international payments sent by banks and processing times that are far lower. Even though the Bitcoin transaction fees can be an issue for $1 to $10 payments, for payments above $1,000 they will be affordable and not an issue at all.
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