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Payments General

Ripple-powered cross-border remittance platform launches in Brazil

Tuesday 28 May 2019 | 11:57 AM CET

Brazil-based exchange broker Frente Corretora de Câmbio has launched its fintech collaboration with US-based startup Ripple.

The new blockchain platform, Simple, is designed to allow people in Brazil to send money abroad without the high fees and the slow transaction times that are common among traditional payment rails.

The team behind Simple aims to deliver a cross-border remittance solution aimed particularly at families with students abroad who are studying and need to receive money to cover basic living expenses. Simple would allow exchange correspondents that are linked to the Front to become ‘exchange fintechs’ through their own customisable website.

The Ripple-powered, no-fee Simple platform will allow users to avoid high banking fees for small remittances of up to USD 3,000. By registering for an online account and passing a quick verification process, users can send remittances that are settled within seconds, reports news outlet Exame.

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