Ripple and Travelex Bank Partnership Enables Customers of Locally Regulated Banks to Benefit from Cross-Border Payments Powered by XRP Settled on RippleNet’s On-Demand Liquidity (ODL) Protocol understand.
Ripple has partnered with Travelex Bank, a regulated Latin American bank, to launch a digital asset-based payment solution in Brazil.
This solution for businesses seeks to provide access to low-cost international payments to customers across the region with instant payments via RippleNet’s on-demand liquidity (ODL).
Leveraging Ripple’s XRP and ODL platforms, businesses and businesses will be able to send money across borders. There is no need to open and maintain pre-funded accounts in those countries first.
Customers benefit from “true utility”
Commenting on the development, Brad Garlinghouse, CEO of Ripple, said that Brazil is the most important cryptocurrency in the region because it has a largely crypto-friendly environment that is ideal for fintech innovation. said it has grown to be one of the destinations for Thus, the country is witnessing an “explosion of activity” as blockchain and cryptocurrency adoption increases among institutional users.
He added that cryptocurrencies are helping people solve payment pain points, and a partnership with Travelex Bank is boosting this prospect.
“From day one, we’ve focused on building solutions that provide real utility. We are happy to work with innovative partners like Travelex Bank to help move money more efficiently for the benefit of our customers across Brazil.‘ he added in a statement.
Travelex Bank is regulated by the Central Bank of Brazil and its operations are limited to foreign exchange only. And with annual remittances to Brazil surpassing his $780 billion, Travelex and Ripple are likely to see more demand for his ODL services, while native his XRP is a cheaper and faster settlement. helps to ensure
Initially, payment corridors in Mexico and Brazil will be supported. Later, Travelex will consider supporting other corridors, with payments expanding to services such as small business lump sum payments and internal finance.
Ripple’s partnership with Travelex adds to other significant deals in the Latin American region, including Banco Rendimento, Banco Topazio and Remessa Online. It also expands Ripple’s mainstream partnerships around the world, including Europe, the Middle East, and Southeast Asia.