Ripple, the leading provider of enterprise blockchain and crypto solutions, is set to facilitate fast and cost-effective cross-border transactions in Brazil with RippleNet’s On-Demand Liquidity (ODL).
Ripple XRP has partnered with Travelex Bank to offer the services in the Latin American country. Ripple’s move, announced on 18 August, proves that Brazil is bullish about crypto. Recently, the country had launched the crypto trading platform XTAGE.
The partnership will make Travelex Bank the first Latin American bank to utilize Ripple’s payment service to facilitate cross-border payment using XRP tokens.
How will it benefit users?
The partnership will facilitate instant cross-border payments as the bank can utilize Ripple’s ODL solution to make international payments faster and more cost-efficient. Thanks to this, enterprises and individuals need not wait for several days to settle costly cross-border transactions. The facility will initially be available between Brazil and Mexico, with plans to expand to other regions in the future.
Ripple has tie-ups with financial services firms
However, Travelex Bank is not the first to use RippleNet services in Brazil. Other Latin American financial services companies such as Banco Rendimento, Remessa Online, Frente Corretora, and Banco Topazio already offer RippleNet services to their customers. However, the Central Bank of Brazil’s approval makes Travelex Bank the first bank to conduct foreign exchange transactions.