- MoneyNetint, which is a payment services provider, has said that it will launch a new service aimed at those around the world who want to make commercial payments into Brazil to small or medium-sized businesses.
- The new service will be anchored around RippleNet, which is a blockchain-powered payment system designed to make transfers between online money transfer providers faster and easier.
- A senior figure at MoneyNetint explained that Brazil had previously been considered a tough market to break into – and that the new move could help to bring down the costs of exchanging goods and services with Brazil on a significant scale.
International money transfers provider MoneyNetint has launched a new service aimed at those sending money to small businesses in Brazil.
MoneyNetint said that its new service will reduce the cost of sending money to Brazil to pay for goods and services.
It also said that it will give small to medium-sized enterprises in the country a boost when it comes to expansion.
It comes in the context of a partnership with Banco Rendimento, a firm based in the Brazilian financial capital of São Paolo.
The new service will be based around Banco Rendimento sending payments to the recipient after they were placed through the MoneyNetint platform.
Both small organisations and individual traders can use the new service, the firm confirmed.
All parties will be able to benefit from the use of RippleNet, which will help power the arrangement.
RippleNet is a blockchain-powered payment service system that helps financial institutions transfer money at a faster speed.
In a statement, a leader at MoneyNetint said that the market for cross-border payments in Brazil was very large – though it was, he said, mostly not accessed due to complex reasons such as cost.
Yishay Trif, who is the firm’s chief executive officer, added that fees could be extortionate before this move was made – and were sometimes able to render transactions cost-ineffective, making Brazil a difficult market to crack.
“Brazil presents an enormous market opportunity, but it’s been largely untapped because of the cost and difficulties of making international payments,” he said.
“Traditionally this has involved high fees, most of which are hidden in highly unfavourable exchange rates. This eats into profit margins and can even lead to businesses losing money on transactions,” he added.
He went on to say that the arrangement with Banco Rendimento will help accelerate market access for the firms that needed it.
“Our new partnership with Banco Rendimento not only enables SMEs to expand into this growing market, but levels the playing field so any business can finally compete on fair terms with the largest enterprises,” he explained.
MoneyNetint also made it clear that the newly developed service will also work well alongside PIX, which is the Central Bank of Brazil’s instant payment service.
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