OpenFX, a foreign exchange (FX) infrastructure company, has announced the integration of the Argentine peso into its cross-border payments platform, marking its third expansion into Latin America and aiming to enhance financial connectivity between Argentina and global markets.
This expansion is designed to provide Argentine companies with faster access to global FX markets while enabling international firms to convert currencies into Argentine pesos in near-instant fashion. The move follows OpenFX’s recent entries into Mexico and Brazil, and a USD 23 million funding round led by Accel.
Prabhakar Reddy, Founder and CEO of OpenFX, stated, “Argentina’s entrepreneurs and exporters have proven their resilience by embracing innovation, including stablecoins and digital trade solutions. But the global productivity of the country’s businesses is constantly challenged by an outdated financial system that creates uncertainty and traps value. With OpenFX, Argentine companies can compete globally and scale faster with stable, modern infrastructure that makes capital flow as fast as commerce itself.”
Argentina, which represents Latin America’s third-largest economy with a USD 620 billion GDP and nearly USD 80 billion in exports, faces challenges for its businesses due to an existing correspondent banking system and domestic economic factors like inflation and capital controls. By unlocking cross-border liquidity, OpenFX aims to empower Argentine companies and organizations transacting in the Argentine peso to better serve both domestic audiences and global partners, enhancing their international competitiveness.
OpenFX has already achieved USD 16 billion in annualized cross-border volume over the past year. With its entry into Argentina, the company is extending its capabilities to the market.
These capabilities include up to 99% faster settlement, with most transactions completing within 60 minutes compared to a regional standard of one to three business days. The platform also offers up to 90% cost reduction, achieved through capital-efficient technology and a proprietary payment rail that reduces fees from percentage points to basis points. Furthermore, OpenFX provides 24/7/365 availability, allowing for transactions around the clock, unlike traditional FX markets. The platform also emphasizes cutting-edge transparency and security, utilizing real-time APIs, advanced settlement technology, and predictive analytics for optimal routing, compliance, and reliability.
OpenFX aims to create financial market infrastructure for the AI economy through its real-time cross-border payments platform and settlement network. The company, founded in 2024 by serial entrepreneur Prabhakar Reddy, combines new-age payment rails and innovative last-mile liquidity sourcing models to enable near-instant FX settlements.
