Payments platform Ripple Labs is teaming up with Travelex Bank in Brazil to bring XRP-based remittances to the seventh most populous nation in the world.
According to a new press release, the San Francisco-based firm says that the partnership makes Travelex the first bank in Latin America to utilize RippleNet’s On-Demand Liquidity (ODL) protocol.
ODL uses the XRP token to enable fast and low cost cross-border payments without the need for pre-funded capital in the destination market. Travelex views this as a solution for its partners who are hampered by their limited capital for pre-funding costs.
Ripple CEO Brad Garlinghouse says the company sees Brazil as a key market given the extent of its crypto adoption and openness to fintech solutions.
“The market is experiencing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points.”
Brazil receives over $780 billion in cross-border payments every year, but Travelex will initially only support payments between Mexico and Brazil. It plans to roll out the service to more corridors and for more use cases in the future.
Says João Manuel Campanelli, chief business development officer of the Travelex Group,
“We’re pleased to be leading the charge of traditional financial institutions who are embracing the benefits of crypto and utilizing its power for real use cases that can dramatically change the way we move and manage money.”
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Featured Image: Shutterstock/Rattanamanee Patpong