- Unicâmbio and Ripple partner to improve cross-border payments between Portugal and Brazil.
- Ripple’s solution reduces costs and speeds up payment processing for businesses in nations.
- The deal expands Ripple’s European presence and strengthens its foothold in Latin America.
Financial institution digital asset processing company Ripple has partnered with a Portuguese currency exchange company, Unicâmbio. This will help make cross-border payments between Portugal and Brazil faster, cheaper, and more efficient. This will be Ripple’s first foray into Portugal, adding to the firm’s presence in Europe. The partnership aims to redefine how money flows between these two important regions.
The successful integration of Ripple’s payment solution will be paramount for Unicâmbio’s corporate clients, enabling them to complete payments in a few minutes. Traditional payment methods for products and services may take a few days and are very expensive. The technology Ripple attached to its digital assets facilitates financial transfers, significantly reducing time and related costs. This will make cross-border payments easier and more efficient for businesses within the two countries.
According to Cassie Craddock, the Managing Director for Ripple in the UK and Europe, this partnership was crucial.
By connecting our payment networks in Portugal and Brazil we are facilitating faster, more cost-effective cross-border payments.
Ripple’s Secure Platform
Ripple’s digital asset platform provides safe and efficient payments. It has facilitated asset transfers, including fiat currencies, for over a decade. Through blockchain technology, the platform has efficient mechanisms for payment settlements since they are real-time. It also enhances the flow of funds across borders, which is essential and greatly changes the operating model of financial institutions.
Adriana Jeronimo, a member of the Executive Board of Unicâmbio, stressed that the relations between Portugal and Brazil are quite business and historical. She stated,
Portugal and Brazil share deep economic and cultural ties, with significant money flows between the two countries.
Partnership with Unicâmbio is crucial to Ripple’s business as it enables it to extend its presence in Brazil. The company serves several large regional customers, such as Travelex Bank and Mercado Bitcoin. This will also strengthen Ripple’s strong position in the Latin American market.
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Ripple has established a payout market that is secure and compliant with the law in more than 90 countries, including over 90% of the foreign exchange markets. It facilitates processing more than $70 billion in volume on its global payment network. These developments in Portugal and Brazil highlight Ripple’s position and capacity as a digital asset service that can transform global cross-border payments.
