Fintech Ripple Introduces Crypto-powered Enterprise Payments in Brazil

Ripple, the provider of enterprise blockchain and cryptocurrency solutions, announced the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank, “the first bank in Latin America to utilize ODL.”

Travelex is the first bank registered and “approved by the Central Bank of Brazil to operate exclusively in foreign exchange.”

By utilizing XRP, a digital asset ideal for payments, Ripple’s ODL solution “allows customers to send money across borders instantly with very low-cost settlement and without the need to hold pre-funded capital in the destination market.”

Brad Garlinghouse, CEO of Ripple, said:

“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. From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil.”

Brazil has taken “a proactive approach to regulating the cryptocurrency industry by advancing legislation to create a framework that both protects consumers and fosters innovation.” Simultaneously, crypto adoption in Latin America is “growing quickly as consumer interest and institutional investment surged in 2021.”

More than $780 billion payments are “sent into Brazil annually, making it an opportune market for both Ripple and its customers who will benefit from the capabilities of cryptocurrency to enable cheaper and faster cross-border payments.”

Travelex Bank aims “to simplify customers’ access to international money through a number of services including remittance and international payments, ATMs, multicurrency prepaid cards and more.”

Ana Tena, CEO of Travelex Bank Brazil, remarked:

“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we embrace tech to offer the best solutions to individuals and companies of all sizes and for the most diverse sectors.” 

The company was looking “to deliver a better customer experience to their partners, who have limited capital to cover the costs of pre-funding, which was hindering their growth.”

Through the use of ODL, Travelex will “deliver near instant settlement and access to liquidity 24/7/365, allowing them to better grow and scale their business.” At launch, Travelex will support payments “between Mexico and Brazil, with plans to support more corridors and use cases, including internal treasury and bulk small and medium-sized enterprises (SME) payments, in the future.”

For more details on this update, check here.

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