Travelex Bank will be the first in Latin America to use the Ripple payment service.
There is no need for funds to be pre-funded in the target market.
It was determined that RippleNet’s On-Demand Liquidity in Brazil would be best served by a relationship with Travelex Bank. Through this cooperation, Travelex Bank will be the first in Latin America to use the Ripple payment service.
Rapid Cross Border Settlements
Travelex is also the first foreign exchange bank in Brazil, having been granted this privilege by the country’s central bank. Through this collaboration with Ripple, the bank will be able to employ the ODL solution for instantaneous cross-border payments at the lowest possible settlement cost. In addition, there is no need for funds to be pre-funded in the target market when making an international payment.
Brad Garlinghouse, CEO of Ripple stated:
“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.”
He said that Ripple’s emphasis has been on delivering “real solutions,” and that the company is thrilled to be working with Travelex Bank to improve the speed and convenience of payments in Brazil.
Travelex Bank provides its clients with a number of options for obtaining foreign currency, including assistance with remittance and overseas payments, access to ATMs, and prepaid cards that may be loaded with many currencies. Thanks to the new relationship, Travelex’s clients will now have access to ODL and may conduct rapid cross-border settlements.