Ripple partners with Travelex to launch enterprise crypto payment service in Brazil
Brayden Lindrea 6 hours ago Ripple partners with Travelex to launch enterprise crypto payment service in Brazil The rollout of Ripples fast and cheap On-Demand Liquidity payment service means that enterprises will no longer have to wait three to five days to settle costly cross-border transactions. Ripples XRP token is set to be used to facilitate fast and cost-effective cross-border transactions in Brazil, after the launch of RippleNets On-Demand Liquidity (ODL) with forex company Travelex. Digital payment network Ripple anounced on Thursday that foreign exchange company Travelex will utilize RippleNet‘s ODL to facilitate cross-border payments between enterprises by utilizing XRP. It also noted that Travelex Bank is the first bank approved by Brazil’s central bank to operate exclusively in foreign exchange. While other Latin American companies such as Banco Rendimento, Remessa Online, Frente Corretora and Banco Topazio have already used RippleNet services, the Central Bank of Brazils approval makes this the first time a Latin American bank has utilized ODL, said Ripple. Travelex will firstly enable these cross-border payments between Brazil and Mexico, with plans to open up more payment avenues in the region and with more use cases suited to enterprise needs. The news comes as the Brazilian government approved their first “Bitcoin law” in