Ripple, the enterprise blockchain solution for cross-border payments, announced they have launched operations in Brazil to expand its reach within South America. In addition, Ripple is also bringing on seasoned fintech entrepreneur and executive Luiz Antonio Sacco as managing director to drive strategy and build the Ripple ecosystem in the region.
Ripple will exhibit at CIAB Febraban, from June 11th to 13th, where it will showcase RippleNet, their global payments network for banks and payment providers to send cross-border payments worldwide.
With RippleNet, customers can address these challenges:
- Speed: payments settle in seconds, not days
- Certainty: end-to-end visibility into fees, payment status, and customer information
- Cost: lower capital requirements for cross-border payments
- Access: standardized connections and rules across different networks
“In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments.”
– Eric van Miltenburg, SVP of Global Operations, Ripple
It was reported that Ripple is adding an average of two to three new financial institutions to RippleNet each week. In other positive trends, Ripple saw more transactions on the network in Q1 ’19 than it did in all of 2018.
RippleNet Customers
Ripple already has more than a dozen Brazilian financial institutions and money transfer companies on RippleNet, including:
- Santander Brazil: Santander customers experience faster transaction times, seeing payments settle in seconds instead of an average of three to five days. Santander Brazil is one of the largest commercial banks in Brazil with over nine million customers.
- BeeTech: By using RippleNet, the company was able to drop its fees from $20 to $2. BeeTech Global provides international payment services to more than 150,000 customers worldwide and is one of the many emerging money service providers relying on new technologies like Ripple to power faster, more reliable and affordable international payments.
- Banco Rendimento: Banco Rendimento is a pioneer in the international payments space in Brazil. Using RippleNet, customers can receive funds into their bank account much quicker, safer and cheaper.
“We’re excited to grow our ecosystem in the region and bring additional financial institutions onto RippleNet to help provide excellent, efficient cross-border payment experiences for their customer. Brazil is a leader in fintech innovation and positioned to forge a path for the rest of South America to follow.”
– Luiz Antonio Sacco, Managing Director – South America