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Inside Look: Banco Agricola implements Bitcoin for payments

As El Salvador forges ahead with crypto as legal tender, bank enables payments, updates merchant app

Bank Automation News, December 9, 2021 (Subscription required)

When El Salvador in early June passed a law declaring Bitcoin as legal tender, Banco Agricola, the Central American nation’s largest bank, had three months to implement the cryptocurrency as a payment.

Bitcoin-enabled digital platform for loan, credit card payments

“We decided that, well if it’s a digital currency, this should work on the digital platform,” (Sebastian) Mora Thirez (vice president of product and channels development at Banco Agricola) told Bank Automation News. Core and digital banking solutions provider Technisys has been Banco Agricola’s partner on that front since 2016. The bank’s objective was to enable Bitcoin payments for loans and credit cards, which the bank would receive converted to U.S. dollars.

The bank uses what Technisys calls its “digital foundation,” including an engagement layer enabling the bank’s digital channels, explained Ricardo Zuasti, chief product and technology officer at Technisys.

Read the full article in Bank Automation News (subscription required).