Prometeo Debuts Borderless Banking to Ease US-to-LatAm B2B Payments
Prometeo has introduced a solution designed to streamline B2B payments between Latin America and the U.S.
Borderless Banking, announced by the Uruguay-based FinTech Tuesday (March 11), allows for access to local bank accounts for receiving payments and automating collections, while also facilitating international payment disbursement and optimizing global treasury management.
“Legacy cross-border banking solutions have historically struggled to integrate between financial infrastructures, creating significant challenges for businesses to access new markets,” Prometeo Co-founder and Co-CEO Ximena Aleman said in a blog post.
“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.”
The company notes that the solution will help businesses access payment rails in Latin America (LatAm), helping them reach a cross-border payments market that is projected to reach a total volume of $1.3 trillion in the next decade.
The solution is debuting first in the U.S., Mexico, Brazil, Colombia and Argentina, with plans to eventually expand to other countries.
“This milestone builds on our U.S. Bank Account Validation offering, announced in June 2024, which allows Latin American businesses to connect with 100% of U.S. banks through a single API,” the release added.
Aleman spoke last year with PYMNTS CEO Karen Webster after Prometeo raised $13 million in a Series A funding round.
She said that modernizing financial services in Latin America depends on offering a single point of data access, a single application programming interface — and by “pushing” some use cases before others. By doing so, she said, Prometeo is connecting far-flung markets, serving as a tech enabler for financial companies.
“What we’re providing is versatile, comprehensive infrastructure that our customers can use in multiple countries at the same time,” said Aleman.
She said the company, which launched in 2018, “understood very early on that this infrastructure was quite necessary, especially if we wanted to have better financial services in Latin America,” adding that “we didn’t want to be a Plaid copycat.”
In other cross-border payment news, PYMNTS wrote last week about new PYMNTS Intelligence-TerraPay research showing that 62% of banks are actively exploring partnerships with FinTech firms to elevate their cross-border payment solutions
“This integration signals a trend in the banking industry where collaboration with FinTech firms is becoming a key strategy for driving innovation,” that report said.
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