JAKARTA – Ripple announced a partnership with a Latin American bank, Travelex Bank. The partnership is aimed at increasing cross-border payments using XRP via RippleNet's On-Demand Liquidity (ODL) protocol.
With Travelex Bank, Ripple has launched a digital asset-based payment solution in Brazil. Enterprise-focused solutions will seek to offer customers across the region access to low-cost international payments, with instant settlement via ODL.
Remittance via ODL uses XRP to complete transfers instantly. That way, sending money only takes a matter of seconds. Users also do not need to open an account as is usually the case with banks.
Ripple CEO Brad Garlinghouse, commenting on the development, noted that Brazil has developed into one of the most important crypto destinations in the LATAM region. Latin America is a crypto-friendly region. The adoption of blockchain technology and cryptocurrencies there has also seen a significant increase.
He added that crypto helps people solve problems in payments and a partnership with Travelex Bank could improve that.
“Since day one, we have focused on building solutions that provide real utility and we are excited to collaborate with innovative partners like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil,” said Garlinghouse, quoted from CryptoPotato.
Travelex Bank is regulated by the Central Bank of Brazil, with operations exclusively in foreign exchange. With more than 780 billion US dollars in annual remittances to Brazil, Travelex and Ripple could see increased demand for their ODL services, with XRP coins helping to ensure cheaper and faster payment settlements.
Ripple's partnership with Travelex adds to a number of other important deals in the Latin America region, including those with Banco Rendimento, Banco Topazio and Remessa Online. It also expands Ripple's key partnerships around the world – Europe, Middle East and Southeast Asia.
In recent days Ripple has also entered into a partnership with SBI Remit for improved real-time remittances between Japan and Thailand. Ripple is also one of the companies that has not been affected by the decline in the crypto market in recent months.
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