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SukuPay and Banco Industrial: A Revolutionary Partnership in Fintech

In a groundbreaking partnership, SukuPay has been fully integrated into Zigi, the mobile app of Banco Industrial, Guatemala's largest bank. This collaboration represents a major leap for the integration of cryptocurrency infrastructure within traditional banking systems, particularly in Latin America. The new feature allows Guatemalans to receive remittances instantly from the U.S. for a flat fee of only $0.99, marking a new era in fintech and banking collaboration.

The Need for Change in Remittances

Every year, significant amounts of money—over $165 billion—are sent in remittances from the U.S. to Latin America, with Guatemala alone receiving more than $21 billion. Despite this massive flow of funds, traditional services have not kept pace. High fees, slow processing times, and complex procedures frustrate users and hinder accessibility, particularly for the unbanked population. SukuPay aims to transform this outdated system into a user-friendly process that harnesses the power of blockchain technology.

SukuPay's Seamless User Experience

SukuPay takes a bold step by abstracting the complexities of cryptocurrency, allowing users to send and receive money simply by using a phone number, embedded within the familiar Zigi app interface. Funds can be transmitted in under 20 seconds, with payments being initiated through various methods such as debit cards, Apple Pay, or cash at partner retailers like Walmart or CVS. This easy-to-use system ensures that both banked and unbanked individuals can access remittances without having to navigate through multiple services or hidden fees.

Setting a New Standard for Bank-Fintech Partnerships

Instead of investing time and resources into developing their own cross-border payment infrastructure, Banco Industrial collaborated with SukuPay to modernize their remittance services. This approach allows them to improve user experience while ensuring compliance with regulations and maintaining customer trust. Michel Caputi, Head of Strategic Alliances Division at Banco Industrial, emphasized the essence of this coalition, stating, “With SukuPay’s infrastructure embedded directly into Zigi, we’re not just improving remittances, we’re setting a new standard.”

This partnership exemplifies how banks can leverage fintech solutions to reclaim their position in the financial services sector without experiencing the growing pains associated with adopting new technology. SukuPay provides a compliant and scalable infrastructure that enables traditional banks to compete effectively while allowing users to enjoy seamless and quick transactions.

About SukuPay and Banco Industrial

SukuPay specializes in modernizing cross-border payment methods by integrating blockchain technology into everyday banking applications. Their platform is designed for speed, affordability, and accessibility, allowing users to send and receive money globally using a phone number.

Banco Industrial, Guatemala's largest financial institution, serves millions across Central America, ensuring its consumers can access secure and trusted financial services through the Zigi app. With the integration of SukuPay, Zigi now provides one of the most efficient and cost-effective remittance experiences available in the region.

The Future of Fintech and Banking

The partnership between SukuPay and Banco Industrial heralds a new age in banking and fintech collaboration. By embedding a strong, capable crypto infrastructure into traditional platforms, both entities are leading the way toward a more inclusive and efficient financial future for users in Guatemala and beyond. This effort not only simplifies the remittance process but also sets a precedent for future innovations in the intersection of banking and technology.

In conclusion, this integration marks a significant milestone in the evolution of financial services in Latin America, paving the way for further advancements in how money moves across borders.