Blockchain & Crypto

Ripple brings crypto-enabled enterprise payments to Brazil 

In a partnership with Travelex Bank, Ripple has brought its On-Demand Liquidity (ODL) crypto offering to Brazil 

Ripple Brazil

Ripple brings crypto-enabled enterprise payments to Brazil. Source: shutterstock.com

Together, Ripple and Brazilian digital lender Travelex launch an ODL solution to enable customers to send money across borders instantly at a low cost. Besides, clients won’t need to hold pre-funded capital in the destination market.

Travelex has become the first bank registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange. The institution is constantly working to simplify customers’ access to international money through remittance and international payments, ATMs, and multicurrency prepaid cards. Furthermore, through the use of ODL, it now promises to deliver near-instant settlement and access to liquidity 24/7/365. 

Initially, Travelex will support payments between Mexico and Brazil, with plans to expand. The bank also aims to support more use cases in the future, including internal treasury and bulk small and SME payments.

"Brazil is a key market for Ripple given its importance as an anchor to business in Latin America, its openness to crypto and country-wide initiatives that promote fintech innovation. As a result, the market is experiencing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points."
Brad Garlinghouse,

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.