Tribal Credit, Bitso, Stellar Collab for Latam X-Border B2B Payments

Business-to-business (B2B) payment and financing platform for emerging markets Tribal Credit is teaming up with Latin American crypto exchange Bitso and the Stellar Development Foundation to develop a new platform to facilitate cross-border B2B payments, according to a press release.

Using Tribal Credit’s new cross-border payment service, Mexican businesses can send B2B payments in pesos to the U.S. and have recipients receive monies in US dollars.

“Our goal is to save time and money for SMBs across LatAm who are sending payments to the U.S., particularly payments that are time-sensitive or require improved traceability,” said Mohamed Elkasstawi, Tribal Credit’s chief strategy officer.

See also: Banks and FinTechs Use APIs to Eliminate Cross-Border Payment Friction

Mexico leads the LatAm’s region $175 billion market opportunity, where 62 million small- to medium-sized businesses (SMBs) transact annually worldwide.

Tribal Credit offers a faster and more affordable way to handle cross-border payments, which are facilitated by Bitso, the most liquid crypto exchange in the region. The process enables Pesos-to-Stellar-USDC conversion.

“Bitso and Tribal Credit share a common mission of providing top-tier financial services to SMBs across Latin America,” said Carlos Cota, product manager at Bitso. “Our hand in providing rails for moving funds from Mexican to U.S. businesses reflects our belief in the potential for cryptocurrency to revolutionize payment transactions in a global digital economy.”

Read more: FinTechs Offer LATAM SMBs Speedy Access to Credit in Emerging Markets

Tribal’s cross-border payments tap the open-source decentralized Stellar network for financial products and services. Stellar supports cross-currency transactions and digital asset issuance, according to the release.

“With Tribal Credit’s new cross-border payment service, we’re leveraging blockchain technology and cryptocurrency for backend design to dramatically improve front-end user experience,” said Arvind Nimbalker, global head of product at Tribal Credit. “Businesses can enjoy all the benefits of blockchain technology without needing to become experts in the space.”