Remessa Online selects Modulr to supercharge cross border payments

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.  

Cross-border payments in Brazil were slow historically. They required complex processes and high costs. Yet today’s Brazilian businesses expect international payments to be as instant, low cost and simple as local transfers. It is not easy to provide customers with the same experience when transacting internationally. However, it is essential in these times of economic turmoil.  

Modulr and Ripple will allow Remessa Online international real-time payment processing to be made easier thanks to their partnership. 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 was the first Brazilian company to form a partnership with Modulr. It can expand its service and offer new payment options to customers at a rapid 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 same goal to make international payments seamless and quick by eliminating the inefficiencies that hinder 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 Strategy Officer and Founder of 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. We can now offer our customers huge savings in terms of efficiency and cost. This allows them to explore new opportunities, integrate new payment functionality into their systems, and ultimately grow their businesses. 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 has been authorized and regulated by FCA as an Electronic Money Institution (ModulrFS Limited). This means that Modulr can issue GBP accounts and have dedicated account numbers. Modulr is a direct participant in the Faster Payments and Bacs scheme. It settles funds at Bank of England. This ensures reliability and security. Modulr in the EU is authorised and regulated 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. 

Get latest news from African Startup ecosystem

Latest stories

You might also like...