Ripple opens a branch in Brazil to grow its team and customer base across South America, including countries like Peru, Argentina and Chile.
The Ripple blockchain enterprise solution for cross border payments announced that they are beginning operations in Brazil to increase its customers within South America. Ripple plans on bringing on seasoned fintech entrepreneur and executive Luiz Antonio Sacco as managing director to strategize and build the ripple ecosystem in the region.
According to reports, Ripple is adding an average of two to three new financial institutions to RippleNet, its global payments network enabling banks and payment providers to send cross-border payments all over the world.
RippleNet will enable customers to address challenges such as settling payments in seconds not days, provide end-to-end visibility into fees, customer information and payment status. Additionally, it will provide a lower capital requirement for cross-border payment and standardize connections and rules across different networks.
Ripple already boasts of more than 200 clients on RippleNet in January, the organization is experiencing rapid customer growth across all the markets. Therefore, it’s launching in Brazil to meet its high customer demand in South America.
Erick van Miltenburg, Ripple’s SVP of Global Operations, said:
“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.”
Already ripple has more than a dozen Brazilian financial institutions and money transfer companies on RippleNet. For example,
Santander’s Brazil customers experience faster transactions times, settling payments in seconds instead of the average three to five days. Santander Brazil is one of the largest commercial banks in Brazil, with over nine million customers.
BeeTech is also using RippleNet to drop its fees from $20 to $2. BeeTech Global provides international payment services with more than 150,000 customers all over the world. BeeTech is a money service provider relying on new technologies like RippleNet to offer faster, affordable, and reliable international payments.
Do you think Ripple’s move will improve its reach in South America?
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