Banco Wallet, a new wallet aimed at global worker payments, proposes the use of stablecoins as a payment rail to reduce delays common in bank payments.
The application was developed by Papaya Global, a fintech company specializing in global payroll and payroll payments, with digital asset infrastructure support provided by Fireblocks. The purpose is Accelerate cross-border remittances There is no need to rely solely on the days of the traditional banking system.
According to an official statement released on January 28th, the new wallet will Dependence on intermediaries It is common for cross-border bank transfers. The fact that it is actually intended to compete SWIFT system Although international payments in fiat currencies are not explicitly mentioned in the advertisement.
Global payments must move at the pace of global initiatives. With Banco Wallet, we are setting a new standard for paying employees worldwide.
Einat Ghez, Papaya Global CEO
An important difference in the case of this new wallet is the built-in use of stablecoins. Features what Avoid shortening the time and the mediation process. It is slow and usually delays payment approval.
This removes the limitations imposed on the times when banks stop processing money transfers. Payments can be postponed until the next business day.
Reconciliation, on the other hand, refers to the process by which financial institutions verify and confirm that business has been correctly settled between multiple intermediaries. one step it may last several days It will be deleted in this wallet.
This is because by using stablecoins as payment rails, payments no longer require messages or chain verification between correspondent banks, which is the operational basis of SWIFT.
What are the features of Banco Wallet?
Banco Wallet is designed to support “employees, contractors, suppliers, in over 180 countries Uses both fiat currencies and stablecoins. However, the announcement does not mention which stablecoins will be able to operate on the platform or which crypto networks it will integrate.
Additionally, the application connects with credit cards, supports multiple currencies and offers the possibility of payments to third parties, such as family members or suppliers.
This wallet can be used by both banked and unbanked employees. For businesses, this proposal focuses on: Consolidate global payments into a single flow by eliminating payment shards. (Regular and temporary salaries, regular or non-recurring payments, permanent or contract employees).
Although the creation of Banco Wallet does not mean the abolishment of traditional payment processes; functional replacement For specific salary flows.
