Blockchain Payment Solution Provider Ripple Signs Partnership With Travelex Bank to Roll out On-Demand Liquidity.
Leading blockchain technology and payment solutions provider Ripple has signed a new partnership with the Latin American (LATAM) financial services company Travelex Bank to launch its On-Demand Liquidity (ODL) payment in Brazil.
Travelex is the first licensed financial institution registered with the Central Bank of Brazil. The company aims to scale access to international money transfers through its remittance and international payment options. With the new partnership, the firm can quicken the process of its services while cutting costs to accommodate more users with limited pre-funds to make international payments, ATMs, multicurrency prepaid cards, and more.
According to the official announcement, the new RippleNet’s ODL will use XRP, a cryptocurrency designed to work on the Ripple blockchain to facilitate cross-border payments.
Through the ODL, customers in Brazil can now send money across the border with relatively cheap fees without having to wait for days and paying costly settlement charges to process international transactions.
Under the partnership, the Brazilian bank will offer its customers in Mexico and Brazil near instant settlements with access to liquidity all year-round.
The company also plans to extend its payment support to more “corridors and use cases, including internal treasury and bulk small and medium-sized enterprise (SME) payments, in the future.”
Ana Tena, CEO of Travelex Bank Brazil, said:
“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.”
Brad Garlinghouse, the CEO of Ripple, noted that the company is always focused on building innovative solutions that provide fundamental utilities to users around the globe.
“From day one, we’ve focused on building solutions that deliver real utility. 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.”
He further disclosed that Brazil is an important market for Ripple, given its importance as an anchor to business in Latin America.