Ripple Launches Crypto-Enabled Global Payments in Brazil with Travelex Bank

Ripple Launches Crypto-Enabled Global Payments in Brazil with Travelex Bank

Recently, Ripple announced that Travelex Bank, the first bank in Latin America to utilize RippleNet’s On-Demand Liquidity (ODL), has set the ball rolling. The Central Bank has approved Travelex of Brazil to operate exclusively in foreign exchange. With this launch, Travelex can now provide its customers with on-demand liquidity through a new solution that includes all of the features and benefits of xCurrent –the enterprise software solution for cross-border payments.

This is a significant milestone for both companies as they build on their relationship and work toward fulfilling the needs of payment providers and financial institutions in Brazil. This follows the launch of xRapid, which utilizes XRP, Ripple’s digital asset for payments, to revolutionize the cross-border payment experience. This new operating model is part of an ongoing effort by Ripple to increase its efficiency and further drive the adoption of RippleNet, the company’s enterprise blockchain network.

The service is available in over 140 countries and has been adopted by leading financial institutions, including Santander UK, SEB, Mitsubishi UFG and Standard Chartered.

Brazil has moved legislation forward to establish a framework that safeguards consumers and promotes innovation as part of its proactive approach to regulating the cryptocurrency market. Concurrently, Latin American consumers are adopting cryptocurrencies at a rapid rate as institutional investment, and consumer interest soared. Brazil receives more than $780 billion in payments each year, making it a lucrative market for Ripple and its clients, who will gain from the advantages of cheaper and quicker cross-border transfers made possible by cryptocurrencies.

Travelex Bank wants to make it easier for consumers to obtain foreign currency through various services, such as remittance and international payments, ATMs, multicurrency prepaid cards, and more.

“Travelex Bank is a private and digital-only bank. We were the first exclusive foreign exchange bank that the Central Bank of Brazil approved and controlled. Focused on electronic foreign exchange transactions, we embrace technology to provide the finest solutions to people and businesses of all kinds and in the broadest range of industries,” according to Ana Tena, CEO of Travelex Bank Brazil.

The business wanted to provide its partners with a better customer experience because their ability to pay pre-funding charges with their limited money impeded their ability to expand. Travelex will expand and develop their business more effectively by using ODL, which enables almost instant settlement and liquidity. With ambitions to enable future use cases and corridors, such as internal treasury and bulk small and medium-sized enterprises (SME) payments, Travelex will first facilitate transfers between Mexico and Brazil.

Ripple was the first enterprise company to use cryptocurrency to address the multi-trillion-dollar issues with cross-border payments. To assist partners across a worldwide network in accelerating the performance and scalability of their businesses, RippleNet uses blockchain technology. It offers a superior end-user experience, streamlined network partnering, tools for managing liquidity, lines of credit, and cutting-edge technology to support real-time payments.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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