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 of this new wallet is to 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 need to move at the pace of global initiatives. With Banco Wallet, we are setting a new standard for paying employees globally.
Einat Ghez, Papaya Global CEO .
In this sense, Using stablecoins will avoid shortening the time The reconciliation process is slow and certification of payments is often delayed. This is a period of days during which your bank will stop processing transfers and your payment may be deferred until the next business day.
Mediation, on the other hand, refers to the process by which financial institutions verify and confirm that matters have been correctly resolved between multiple intermediaries. This process may take several days. Therefore, by using stablecoins as payment rails, payments no longer require messages or chain verification between correspondent banks, which is the operational basis of SWIFT.
Features of Banco Wallet
The Banco wallet is designed to make payments to “employees, contractors, and suppliers in over 180 countries using both fiat currencies and stablecoins.”
However, the announcement did not mention which stablecoins, such as USDT or USDC, will be operational or which virtual currency networks will be integrated.
On the other hand, the application works with credit cards, supports multiple currencies and offers the possibility of payments to third parties, such as family members or suppliers.
This wallet is intended for banked and unbanked employees. For businesses, this proposal focuses on: Consolidate global payments into a single flow by eliminating payment shards.
The creation of Banco Wallet does not mean the abolishment of traditional processes, but functional replacement For specific payroll flows.
