- BePay, which is a market-leading financial technology firm based in Brazil, will work alongside nanopay Corporation to deliver a new online money transfer service.
- The first phase will see clients able to send cash abroad to 10 nations across the globe – though this will later expand as the second phase gets underway in the coming months.
- The development comes amid a backdrop of innovation from the Brazilian Central Bank, which is pushing for firms to become more competitive.
Brazilian financial technology firm BePay has announced that it will pair up with a tech provider to power its new cross-border payments programme.
BePay said that it is going to work alongside nanopay Corporation for this work.
The new development will offer BePay’s current customers a wide range of added advantages when it arrives.
Customers will first be able to make cash transfers to 10 nations around the world using just a mobile phone application.
However, once this pilot phase is over, the company is expected to build a new payments service with both sending and receiving functionalities.
This new system is expected to operate in over 150 countries around the world and map onto nanopay’s existing network.
Customers who use prepay cards for international payments will also be able to benefit at this stage of the rollout.
A spokesperson for nanopay Corporation emphasised the relationship between this development and the wider regulatory context in Brazil – and the actions of its central banking authorities.
Carlos Garcia, who serves as vice president of payment operations at nanopay Corporation, explained that the Central Bank of Brazil was pushing for financial firms to compete with each other to provide better services.
“There is a big movement to foster competition in Brazil, driven by the Central Bank and supported by the recent launch of PIX, Brazil’s instant payment scheme,” he said.
PIX is an instant payment system pioneered by the Central Bank and operating in Brazil.
“We are thrilled to be working with BePay, a leader in innovation and a company on the forefront of payments. Cross-border payments are only the beginning,” he added.
According to press reports, BePay was one of the very first companies in the major South American economy to get the green light to operate from the local Central Bank.
According to Paulo Volpe, who is the director of BePay, the firm is now set to go from strength to strength thanks to the new collaboration.
“The Brazilian market has a huge opportunity in terms of global trade and online international payments. Up until now, the options for cross-border payments were limited,” he said.
“We continue to innovate in response to the environment, and are pleased to partner with nanopay to offer a cost-effective, self-serve payment option for our customers,” he added.
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