Ripple joins forces with Travelex Bank to bring cryptocurrency payments to Brazil
August 20, 2022 12:07 AM
To offer RippleNet's On-Demand Liquidity in Brazil, Ripple partnered with Travelex Bank. Travelex Bank will become the first bank in Latin America to use Ripple's payment service thanks to the partnership.
Travelex is also the first bank to deal in foreign exchange, having received approval from Brazil's Central Bank to do so.
"Travelex has always been a forward-thinking business, and we're proud to be leading the charge of conventional financial institutions that are embracing the advantages of cryptocurrencies and using their power for practical use cases that have the potential to fundamentally alter how we move and manage money."
Ripple's collaboration will enable rapid cross-border payments
Through their collaboration with Ripple, the bank will be able to use the ODL solution to send payments across borders quickly and for the lowest possible fee. Furthermore, cross-border payments do not need for pre-funded money in the market of destination.
"Given its significance as a corporate hub in Latin America, its openness to cryptocurrencies, and its national efforts supporting fintech innovation, Brazil is a vital market for Ripple. In order to address client pain points, institutions are looking to integrate cryptocurrency and blockchain technology, which is causing a surge in activity in the industry", according to Brad Garlinghouse, CEO of Ripple.
Additionally, he stated that Ripple has been concentrating on providing actual solutions and that they are enthusiastic about working with Travelex Bank to offer speedy and effective payments for Brazilian clients.
Travelex Bank aims to make it simpler for users to obtain foreign currency by offering a range of services, including remittance and international payments, ATMs, multicurrency prepaid cards, and more.
The new relationship will enable Travelex clients to use ODL and make rapid cross-border payments, which will benefit many customers and businesses.