Brazilian FinTech, Remessa Online, chooses Modulr to supercharge cross-border payments across UK and Europe
Remessa Online, the Brazilian platform for international transfers, has today announced it is the latest customer to supercharge its cross-border payments from Brazil into the UK and Europe, powered by the partnership between Ripple, the leader in enterprise and blockchain solutions, and its global financial technology RippleNet, and Modulr, the leading embedded payments platform in the UK and Europe.
Joining forces with Modulr and Ripple, Remessa Online can now provide its customers with access to Single Euro Payments Area (SEPA) Instant payments and the UK’s Faster Payments; enabling them to make payments 24/7, 365 days a year, in no more than 10 seconds, to the UK and Europe.
Historically, cross-border payment solutions in Brazil have been slow, requiring complicated processes that come at a high cost with low visibility. Yet today’s Brazilian businesses expect international payments to be as instant, low cost and simple as local transfers. Providing customers with the same experience in international transactions is difficult, but essential in the wake of ongoing economic difficulties around the globe.
Together, the Modulr and Ripple partnership will make it easier than ever for Remessa Online to run real-time payments internationally. With Modulr’s domestic access to UK and European payment rails and RippleNet’s international infrastructure, global businesses like Remessa Online have an alternative to legacy correspondent banking and can now make payments into the UK and Europe – two critical destinations for international transfers – quickly, reliably, and cost-effectively.
Remessa Online is the first Brazilian business to establish a partnership with Modulr and can continue to expand its service and deliver new payment options to market at pace.
Myles Stephenson, Founder and CEO of Modulr, comments “We’re delighted Remessa Online is our first Brazilian FinTech customer to take advantage of our partnership with Ripple. We share the goal of making international payments as seamless and fast as possible by removing the hidden inefficiencies hampering international payments today. At Modulr, we’re looking forward to working with Remessa Online and our long-term partner Ripple on delivering real-time, reliable and transparent payments into the UK and Europe.”
Alexandre Liuzzi, Chief Strategic Officer and Founder, Remessa Online comments, “Remessa Online is thrilled to partner with Modulr, whose unrivalled connections to critical payment infrastructure in the UK and Europe is critical for us to provide the payments experience our customers expect. Thanks to the partnership, we can now provide our customers with huge benefits in terms of low cost and efficiency. This enables them to discover new opportunities, embed new payments functionality into their systems and ultimately expand their own businesses further. Together we can get closer to our goal of being the best infrastructure provider for cross-border payments in Brazil.”
Sendi Young, Managing Director, Europe, Ripple, comments, “Our partnership with Modulr will enable Remessa Online to remove many of the inefficiencies associated with legacy payments technology. In doing so they will be in a position to offer their customers reliable, cost-effective and more transparent cross-border payments from Brazil into the UK and Europe, and at the same time supercharge the performance and scale of their business.”
Modulr is authorised and regulated by the FCA as an Electronic Money Institution (Modulr FS Limited), and so can issue GBP accounts with dedicated account numbers and sort codes. As a direct participant of the Faster Payments and Bacs schemes, Modulr settles funds at the Bank of England, providing reliability and security for users. In the EU, Modulr is authorised and regulated as an Electronic Money Institution by the Central Bank of Ireland (as Modulr FS Europe Limited) and De Nederlandsche Bank (as Modulr Finance B.V.) in the Netherlands and EU.