Ripple brings money transfer service to Brazil’s Travelex Bank

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Ripple, a blockchain and cryptocurrency solution, has announced the launch of its On-Demand Liquidity (ODL) service in Brazil with Travelex Bank.

Travelex is the first bank registered and licensed by the Central Bank of Brazil to operate exclusively in foreign currencies.

By leveraging XRP, an ideal digital asset for payments, Ripple’s ODL allows users to send money across borders instantly, with low-cost settlement and without the need to hold pre-funded capital. in the destination market.

Travelex is looking for ways to simplify access to international money, through international remittances and payments, ATMs, multi-currency prepaid cards and more.

Prior to the Ripple deal, he was looking for a way to improve the customer experience for those with limited capital to cover pre-funding costs. The ODL solution will enable the bank to offer instant settlement and 24/7/365 access to liquidity, enabling them to better grow and scale their business.

At launch, the solution will support payments between Mexico and Brazil, with plans to support more corridors and use cases, including internal treasury and bulk payments for small and medium businesses ( SMEs), in the future.

Speaking on the partnership, Ripple CEO Brad Garlinghouse said, “Brazil is a key market for Ripple given its importance as an anchor for businesses in Latin America, from its openness to cryptography and national initiatives that promote fintech innovation. As a result, the market is seeing an explosion of activity as institutions seek to adopt crypto and blockchain technology to solve customer problems.

“From day one, we have been focused on creating solutions that deliver real utility and we are thrilled to work with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across the world. Brazil.”

Earlier this year, Ripple partnered with payment platform Modulr to enable faster payments in the UK and Europe.

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