Crypto solutions provider Ripple and payments platform Modulr have reportedly announced a partnership to facilitate Remessa Online’s international operation of real-time payments.
Remessa Online can now offer access to SEPA (Single Euro Payments Area) Instant payments and the Faster Payments of the UK. This enables them to make 24/7 payments to the UK and Europe. It is the first Brazil-based business to set up an alliance with Modulr.
With Modulr’s access to the payments rails in the UK and Europe alongside the international infrastructure of RippleNet, Remessa Online has an option for heritage correspondent banking and can now make reliable, quick, and cost-effective payments in the UK and Europe.
Modulr CEO and Founder Myles Stephenson commented that the company shares the objective of easing international payments by eradicating the hidden inabilities that presently hamper international payments.
On the other hand, Remessa Online Founder and Chief Strategic Officer Alexandre Liuzzi added that the company finds it critical to offer a customer-centric payment experience through Modulr’s unparallel connections to crucial payment infrastructure in Europe and the UK.
Liuzzi added that the partnership enables the company to offer huge benefits to customers in terms of efficiency and low cost. This allows it to explore new avenues, integrate new payment features into the systems, and eventually expand its businesses.
Sendi Young, Ripple’s Managing Director in UK & Europe stated that the company’s collaboration with Modulr will allow Remessa to eliminate several inefficiencies related to heritage payments technology.
This will enable the company to offer cost-effective, transparent, and reliable cross-border payments into Europe and the UK from Brazil and simultaneously supercharge the scale and performance of their business.
For the record, Modulr is regulated and authorized by the FCA as an Electronic Money Institution. It allows an entity to provide GBP accounts with dedicated sort codes and account numbers.