{"id":15294,"date":"2024-10-07T18:21:11","date_gmt":"2024-10-07T18:21:11","guid":{"rendered":"https:\/\/central-law.com\/?p=15294"},"modified":"2024-10-07T18:21:11","modified_gmt":"2024-10-07T18:21:11","slug":"cross-border-banking-the-key-to-expansion-and-competitiveness-for-companies-in-latin-america","status":"publish","type":"post","link":"https:\/\/central-law.com\/en\/cross-border-banking-the-key-to-expansion-and-competitiveness-for-companies-in-latin-america\/","title":{"rendered":"Cross-Border Banking: The Key to Expansion and Competitiveness for Companies in Latin America"},"content":{"rendered":"

Cross-border banking is revolutionizing international financial operations, <\/span>enabling Latin American companies to reduce costs, enhance efficiency, and overcome barriers to accessing new markets more swiftly and securely.<\/b><\/p>\n

Geographical barriers are fading away <\/b>due to the interconnectedness we experience in today\u2019s world. Consequently, managing cross-border payments quickly, efficiently, and securely has shifted from being a competitive advantage to becoming an essential strategic necessity for any company looking to grow and solidify its presence internationally.<\/span><\/p>\n

The increasing volume of transactions between the United States and Latin America reflects this reality: each year, North American companies transfer<\/span> $573 billion<\/b> to the region, while Latin American firms send <\/span>$414 billion<\/b> to the United States, establishing a vital trade relationship for both regions.<\/span><\/p>\n

However, traditional banking transfer systems, with<\/span> fees of up to 5%<\/b> and processing times of up to 48 hours, limit companies’ competitiveness and expansion. In light of this, <\/span>Prometeo<\/b>, dedicated to technological infrastructure that connects global businesses with financial institutions in Latin America, explains that <\/span>cross-border banking requires the integration of various tools <\/b>to optimize financial operations and facilitate access to new markets. Innovation in this area <\/span>enhances the international expansion of companies by reducing costs and improving both cash flow and transaction speed<\/b>.<\/span><\/p>\n

According to Mastercard’s 2023 Borderless Payments Report, <\/span>75% of surveyed SMEs <\/b>state that online cross-border payment methods have improved their business performance, increasing efficiency, driving growth, and enhancing cash flow.<\/span><\/p>\n

Roberto Gaudelli, Director of Payment Services at Prometeo, remarked, \u201cThere is a challenge in managing cross-border finance, which involves operations across multiple countries. Therefore, it is essential to have solutions that enable companies from various sectors\u2014such as online travel agencies, logistics firms, online marketplaces, payment providers, and large corporations\u2014to simplify international financial operations. Advances in Open Finance and APIs as tools for achieving a single point of access and a common language <\/span>have made conducting and receiving transactions straightforward, efficient, and secure<\/b>.\u201d<\/span><\/p>\n

Cross-Border Banking: The Key to Expansion and Competitiveness for Companies in Latin America<\/b><\/p>\n

Cross-border banking offers more than just simple international payments; it transforms financial management for companies by providing greater transparency and control. Prometeo outlines several key benefits derived from its cross-border tools, which directly impact operational efficiency and the competitiveness of businesses, including:<\/span><\/p>\n