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 approved by the Central Bank of Brazil to operate exclusively in foreign exchange.
By leveraging XRP, a digital asset ideal 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 remittance and international payments, ATMs, multi currency prepaid cards and more.
Prior to the deal with Ripple, it was seeking a way to improve customer experience for those with limited capital to cover the costs of pre-funding. The ODL solution will enable the bank to offer instant settlement and access to liquidity 24/7/365, allowing 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 small and medium-sized enterprises (SME) payments, 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 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.”
Earlier in the year, Ripple teamed up with payments platform Modulr to enable quicker payments into the UK and Europe.
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