PRESS RELEASE
Blockchain technology is consolidated and its adoption is growing in traditional financial systems , especially in banking. In recent years, this technology has gained strength and demonstrated its potential to improve sensitive points such as security, efficiency, and transparency in financial transactions, and also expand the capabilities of traditional banking cores.
According to the Fiscal Unit Specialized in Cybercrime ( UFECI ) , bank fraud grew by 3,000% between 2020 and 2021. The agility of blockchain technology combined with the exponential increase in bank fraud, naturally resulted in more banks looking to the blockchain for the solution to improve the security of your customers’ data .
In addition, this integration adds the benefit of improving efficiency by allowing the generation of direct and fast transactions in the blockchain, such as smart contracts (or smart contracts) that can automate processes such as loan approval, the issuance of guarantees, etc. , which simplify the services offered by banks. International transfers are also expedited by making them directly, without intermediaries, which greatly reduces costs.
Alejandra Rodríguez, Digital Transformation Manager at Banco Macro , shared the entity’s success experience and commented on how this process developed:
“ Since its launch, we have been analyzing the technology and although at first there was resistance, in blockchain we found a perfect ally, because it gives us all the security and transparency we need. In addition, it gives us agility to be able to quickly develop businesses that we carry out outside the banking core. Together with Koibanx we are developing an app for directed consumption. It is designed to offer our clients a value offer that would come to them from a platform that guarantees security and transparency. What was proposed as a complex development, thanks to Koibanx we were able to easily integrate it even with difficult structures such as those required by banking systems “.
The region has experienced a 419% increase in attacks related to APIs and web applications during 2022. According to estimates by LACNIC , the body that manages the Internet Address Registry for Latin America and the Caribbean, cybercrime costs the region USD 90,000 million a year.
The main threats include cryptojacking, fraud, banking Trojans, and ransomware. In this way, blockchain integration is already helping to reduce these costs by providing greater security and transparency in financial transactions, resulting in significant savings in terms of operating costs.
In this sense. Leo Elduayen, CEO and Cofounder of Koibanx -a leading fintech company and pioneer in providing blockchain infrastructure in Latin America-, explains:
“We are seeing in Central America, this leap in innovation that banks often want to make and find many advantages in taking part of these transactional processes to blockchain or Web 3 protocols. We understand this need that they bring us, and we are seeing excellent results in this integration work that we carry out with many banks and organizations, such as Banco Macro in Argentina, Banco Davivenda in Colombia, Grupo Salinas in Mexico, among others. Today these entities are the ones that are adding value to their clients by applying blockchain technology in their structure, improving costs and reducing risks.”
According to a survey conducted by PwC in 2020, 60% of the banks consulted globally were actively exploring the adoption of blockchain technology in their operations, and 24% had already implemented pilot projects or were in the process of implementation .
Blockchain technology is consolidated and its adoption is growing in traditional financial systems , especially in banking. In recent years, this technology has gained strength and demonstrated its potential to improve sensitive points such as security, efficiency, and transparency in financial transactions, and also expand the capabilities of traditional banking cores.
According to the Fiscal Unit Specialized in Cybercrime ( UFECI ) , bank fraud grew by 3,000% between 2020 and 2021. The agility of blockchain technology combined with the exponential increase in bank fraud, naturally resulted in more banks looking to the blockchain for the solution to improve the security of your customers’ data .
In addition, this integration adds the benefit of improving efficiency by allowing the generation of direct and fast transactions in the blockchain, such as smart contracts (or smart contracts) that can automate processes such as loan approval, the issuance of guarantees, etc. , which simplify the services offered by banks. International transfers are also expedited by making them directly, without intermediaries, which greatly reduces costs.
Alejandra Rodríguez, Digital Transformation Manager at Banco Macro , shared the entity’s success experience and commented on how this process developed:
“ Since its launch, we have been analyzing the technology and although at first there was resistance, in blockchain we found a perfect ally, because it gives us all the security and transparency we need. In addition, it gives us agility to be able to quickly develop businesses that we carry out outside the banking core. Together with Koibanx we are developing an app for directed consumption. It is designed to offer our clients a value offer that would come to them from a platform that guarantees security and transparency. What was proposed as a complex development, thanks to Koibanx we were able to easily integrate it even with difficult structures such as those required by banking systems “.
The region has experienced a 419% increase in attacks related to APIs and web applications during 2022. According to estimates by LACNIC , the body that manages the Internet Address Registry for Latin America and the Caribbean, cybercrime costs the region USD 90,000 million a year.
The main threats include cryptojacking, fraud, banking Trojans, and ransomware. In this way, blockchain integration is already helping to reduce these costs by providing greater security and transparency in financial transactions, resulting in significant savings in terms of operating costs.
In this sense. Leo Elduayen, CEO and Cofounder of Koibanx -a leading fintech company and pioneer in providing blockchain infrastructure in Latin America-, explains:
“We are seeing in Central America, this leap in innovation that banks often want to make and find many advantages in taking part of these transactional processes to blockchain or Web 3 protocols. We understand this need that they bring us, and we are seeing excellent results in this integration work that we carry out with many banks and organizations, such as Banco Macro in Argentina, Banco Davivenda in Colombia, Grupo Salinas in Mexico, among others. Today these entities are the ones that are adding value to their clients by applying blockchain technology in their structure, improving costs and reducing risks.”
According to a survey conducted by PwC in 2020, 60% of the banks consulted globally were actively exploring the adoption of blockchain technology in their operations, and 24% had already implemented pilot projects or were in the process of implementation .
