- Travelex Bank will be the first bank in Latin America to use the Ripple payment service.
- There is no need for pre-financing of funds in the target market.
It was decided that RippleNet’s on-demand liquidity in Brazil would be best served by a relationship with Travelex Bank. Through this cooperation, Travelex Bank It will be the first company in Latin America to use the Ripple payment service.
Rapid settlements across the border
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 use the ODL solution for instant cross-border payments with minimal settlement costs. In addition, there is no need to pre-fund funds in the target market when making an international payment.
Brad GarlinghouseRipple CEO stated:
Brazil is a key market for Ripple due to its importance as a business hub in Latin America, its openness to cryptocurrencies, and nationwide initiatives promoting fintech innovation. As a result, the market is experiencing an explosion of activity as organizations look to adopt crypto and blockchain technology to solve customer vulnerabilities.”
he said that Ripple The focus was on providing “real solutions”, and the company is pleased to work with Travelex Bank to improve the speed and ease of payment in Brazil.
Travelex Bank provides its clients with a number of options for obtaining foreign currencies, including assistance with foreign transfers and payments, access to ATMs, and prepaid cards that can be loaded in many currencies. Thanks to the new relationship, Travelex customers will now have access to the ODL and can make quick cross-border settlements.
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