Fintech giant Ripple announced Thursday that it is launching its high-speed payment solution, Ripple Payments, in Brazil as it aims to broaden its reach across South America.

Brazilian crypto exchange Mercado Bitcoin will be the first to use Ripple’s blockchain payments solution in a bid to speed up cross-border transactions. Other businesses will be allowed to tap the technology sometime in the future, according to a statement. 

Formerly known as RippleNet, Ripple Payments is the fintech’s blockchain-powered solution for cross-border payments. It offers businesses and financial institutions a faster and cheaper way to send and receive international payments by leveraging Ripple’s blockchain infrastructure.

Its solution runs atop the XRP Ledger to provide liquidity and settlement, although the system doesn’t require users to hold or use crypto.

Its payment rails will give businesses on-demand liquidity across multiple currencies at any time to ensure “efficient and timely transactions regardless of the destination or time zone,” Ripple said in its statement.

Jordan Abud, Mercado Bitcoin’s head of banking, said the move would provide a “simplified transfer” process by leveraging the expertise of Rippl

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Author: Mathew Di Salvo