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