bank will use Bitcoin to make cross-border payments

[kokliko]

Bitcoin could still be a cost effective payment method for smaller transactions, but businesses doing large size payments are likely better off doing traditional bank wires or working with cross-broker. In time, as liquidity in other currencies grows, and exchanges drop fees in response to competition, all this may change.

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[coinwizard_]

Better to use bitcoin than ripple, at least it is decentralised so no one pack up and run at any time. For cross border transfers they can wait 30 mins for confirmations, lightning speeds are not needed for this purpose.

[Kakmakr]

Swift has been around for ages and it is definitely not suitable for the fast paced lives of people today. Why do you want to wait 1 to 2 days for inter Bank settlements, if your cross border transactions can be done in 10 minutes. 

This is probably why some Banking groups like R3 are working on their own inter settlement payment network and why some Banks are riding the Blockchain hype. <Some Alt coins like Ripple are just too keen to bend over for these Banks.> 

[Yara1]

I don't think there is any thing big to this the only thing I see in that development is just a marketing strategy to make more profits for the both the bank and the company, because bitcoin has always been used for cross border transactions long before now so the bank coming to adopt that  usage is to it own profit advantage.

[Limsam]

I think this is true that bank will use bitcoin to make cross- border payments. Actually nowadays, bank also use bitcoin in some countries

[bitfocus]

as far I can recall the news was about using Blockchain to make cross-border payment, not specifically any crypto or Bitcoin. Please link the news so that we can get the real picture.

[xWolfx]

A little correction is needed in your thread. Banco Masventas has partnered with Bitex and not "Dicks" (really!!!?). They are planning to explore bitcoin payments using bitex platform. A normal person will pay in fiat and bitex will convert it into bitcoin to send it to the recipient bank. The recipient bank will receive the money and convert it back to fiat. That is the basic operational structure of this partnership. They are trying to cut the intermediary banks to lower the commission and maximize the profit from each cross-border transaction, which is actually possible with cryptos.  

This is exactly what i was thinking. It seemed at a joke at first.

That is in fact, a really good strategy. If they do it properly and it turns out fine, then the possibilities for Bitcoin will be endless for banks and that of course will contribute towards mass adoption a lot more. I believe it's probably a matter a time before it happens.

Especially Argentina could make good use of it to ease the inflation spiral if they know what to do.

[wizardcrypto]

The Banks operate on centralized policy which is regulated by the Government  but Bitcoin is operated by Decentralize policy  .The Banks don't need to integrate Bitcoin policy into their system , they have their own old outdated way of transferring money when it comes to trans- border issue. bitcoin is revolution fixing all Banks challenges and loopholes and will be operate as single entity and standing alone  in the future

[Richarrego]

It seems like a marketing tactic. Banks can do whatever they want to transfer money and it does not matter. In Argentina, demand for Bitcoin is increasing. So, using Bitcoin for cross currency transber or not is too easy. I can not understand why they do it. There are a number of banks that allow the use of bitcoin, and others still think about it. I do not think anyone will come to the bank to make cross border payments with bitcoin.