Ripple announced Thursday that it has launched its crypto on-demand liquidity (ODL) service in Brazil in collaboration with Travelex Bank.
Ripple’s On-Demand Liquidity partners up with Travelex
ODL, a digital payment company, uses XRP to speed up the transfer and exchange of fiat currencies between countries.
Travelex is the first bank in Latin America to use ODL, according to Ripple, and it was also the first to be registered and approved by the Brazilian Central Bank to conduct foreign exchange transactions.
“Brazil is a key market for Ripple because of its importance as a business anchor in Latin America, its openness to crypto, and country-wide initiatives that promote fintech innovation,” said Ripple CEO Brad Garlinghouse in a statement.
Travelex Bank aims to make it easier for customers to access international money by offering a variety of services such as remittance and international payments, ATMs, multicurrency prepaid cards, and more.
The company wanted to improve the customer experience for their partners, who had limited capital to cover the costs of pre-funding, stifling their growth. Travelex will benefit from near-instant settlement and access to liquidity via ODL, allowing them to better grow and scale their business. Travelex will initially support payments between Mexico and Brazil, with plans to expand to more corridors and use cases in the future, including internal treasury and bulk small and medium-sized enterprises (SME) payments.
Travelex joins the ranks of Ripple customers and partners in the region who are reaping the benefits of RippleNet, including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio, and B&T Câmbio. Ripple established a local office in Brazil in 2019 and intends to expand its team in the region across policy, business development, and engineering.
Ripple was the first enterprise company to use cryptocurrency to address the multibillion-dollar challenges of cross-border payments. RippleNet uses blockchain technology to help partners across a global network accelerate and scale their business performance. It provides a better end-user experience, simplified network partnering, liquidity management solutions, lines of credit, and cutting-edge infrastructure to enable real-time payments.