Ripple launches crypto-enabled enterprise payments in Brazil

Travelex Bank—the first in the country to operate exclusively in foreign exchange—has partnered with Ripple to improve cross-border flows for their customers using Ripple’s On-Demand Liquidity solution (ODL). This partnership marks the start of crypto-enabled payments solutions in Brazil, according to the press release.

Institutions across the region have continued to invest in fintech solutions, with a particular emphasis on crypto, DeFi, and blockchain. Brazil has also taken a proactive approach to regulating the cryptocurrency industry by advancing legislation to create a framework that prioritizes security and fosters innovation. 

“More than $780 billion in payments are sent into Brazil annually, making it an opportune market for both Ripple as well as customers who will benefit from the capabilities of crypto to enable cheaper and faster cross-border payments,” said Silvio Pegado, Managing Director  of LATAM at Ripple. “Travelex is focused on improving global payments and is known for embracing cutting edge technology, making them the perfect partner for Ripple.”

Through this partnership, Travelex Bank can now offer more affordable cross-border payments to their customers by eliminating the need for pre-funded destination accounts, while delivering near instant settlement and providing 24/7/365 access to liquidity. 

A pioneer in Brazilian finance, Travelex Bank plans to grow their support as well, expanding into more corridors and use cases, including internal treasury and bulk small- and medium-sized enterprise (SME) payments.

“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we embrace tech to offer the best solutions to individuals and companies of all sizes and for the most diverse sectors,” said Ana Tena, CEO Travelex Bank Brazil.