Rapyd partners with Spanish neobank Bnext

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  •  Rapyd, which is a financial technology company specialising in internet-based payments, confirmed that it would pair up with Bnext as part of a push to offer services in Mexico – and later, further afield in the region.
  • Customers of Bnext will now be able to make in-person cash deposits that can then be sent on to recipients using the Rapyd network.
  • Plans are afoot to expand the scope of the services in the future – including geographically across the area and then also in terms of interbank deposits.

The online money transfer firm Rapyd has revealed a new partnership with the Spanish neobank Bnext.

Bnext, which is a mobile-focused provider of financial services, will work with the digital-friendly Rapyd to deliver a new cash collection service.

The service will be offered to customers in Mexico first.

However, there are plans afoot to take the service to other firms in the Latin America region – a crucial one for many cross-border payments providers given the key remittance corridors that exist there.

The new arrangement will permit Bnext users to place money in their accounts using one of the 30,000 or so physical outlets dotted across Mexico.

From there, customers will be able to use Rapyd’s digital tools to arrange for the cash to be picked up.

The service is transparent, and recipients can track the cash as it moves from one end of the transaction process to the other.

Rapyd plans to build on the offer once the new service is up and running.

It intends, for example, to provide an interbank element to the cash-sending process at some stage in the future.

A senior figure at the company shed more light on how and why the two firms came to be working together.

In a statement, Sarel Tal, who serves as the vice president for the Europe, Middle East and Africa region at Rapyd, said that the two firms complement each other.

“Rapyd is well-suited to support Bnext as they continue to expand their operations and active users in Mexico and Latin America given the multi-country reach of our network,” he said.

He also spoke in detail about Rapyd’s unique selling point when it comes to building new relationships with other firms.

“One differentiator of our partnership program is speed to market, we’re proud that our first service option with Bnext was deployed in less than a month,” he explained.

He also emphasised the fact that the Latin America region is becoming an increasingly important area for money transfer firms and others in the fintech space.

“This is a powerful partnership in one of the most promising markets for banking services in Latin America, and we are thrilled with the opportunity to improve payment experiences for Bnext’s customers in Mexico,” he concluded.

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