XDC Network, Bitso Business tie up to support US-Mexico remittances
The XDC Network has joined forces with Bitso Business to establish a blockchain remittance corridor aimed at enhancing payment transactions between the US and Mexico.
The initiative is expected to utilise blockchain technology to facilitate 'near-instant payments'.
This collaboration integrates the XDC Network's ISO 20022-compatible blockchain infrastructure with Bitso Business' fiat conversion services in Latin America.
The remittance corridor is designed to offer a alternative to conventional payment methods in the region.
The partnership aims to offer low cost remittances, with transactions settling in mere seconds at 'minimal' fees, the company said.
It also supports multiple currencies, enabling swift USD to MXN conversions through Bitso's liquidity channels in Latin America.
The service is tailored for SMEs, fintechs, and institutions that require efficient payment solutions for international suppliers or payroll.
Conforming to ISO 20022-compliant messaging standards, the payment rail is compatible with existing banking systems and regulated entities, in line with XDC's objective to enhance adoption in emerging markets.
With over ten years of operational experience, Bitso's APIs and regulatory connections across Latin America expected to add 'interoperability' to the XDC Network.
XDC Network Ecosystem Development Amitava Mandal said: "This partnership with Bitso Business marks a major leap toward our mission of bridging traditional finance with blockchain efficiency. Together, we're delivering faster, fairer cross-border transfers that solve real-world challenges in global remittances and SME trade."
The XDC Network is an EVM-compatible blockchain focused on tokenising real-world assets, digitising trade finance, and providing infrastructure for cross-border settlements.
Bitso Business, meanwhile, offers services including Pay-ins and Payouts in Latin America, Cross-Border payments, as well as Trading and OTC services.
"XDC Network, Bitso Business tie up to support US-Mexico remittances " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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