the global leader in enterprise blockchain solutions for cross-border
payments, launches operations in Brazil to expand its footprint in South
America. In addition, Ripple is also bringing on seasoned fintech
entrepreneur and executive Luiz Antonio Sacco as managing director to
drive strategy and build the Ripple ecosystem in the region.
Ripple will exhibit at CIAB Febraban, from June 11 to 13, where it will
showcase RippleNet, a global payments network that makes it easy for
banks and payment providers to send cross-border payments worldwide. The
current payment infrastructure is fragmented and unreliable, making
cross-border payments slow, inefficient and costly for financial
institutions and businesses. As a result, payments take an average of
three to five days to settle, have a six percent failure rate and are
expensive, especially when dealing with low value, high volume
transactions. With RippleNet, customers can address these challenges:
- Speed: payments settle in seconds, not days
Certainty: end-to-end visibility into fees, payment status and
- Cost: lower capital requirements for cross-border payments
- Access: standardized connections and rules across different networks
“In January, Ripple surpassed 200 customers on RippleNet. The company is
experiencing rapid customer growth across all markets, and is launching
in Brazil in response to high customer demand in South America. We are
fortunate to have Luiz on board to expand our presence in the region and
help our customers address the challenges of cross-border payments,”
says Eric van Miltenburg, SVP of Global Operations.
Ripple already has more than a dozen Brazilian financial institutions
and money transfer companies on RippleNet, such as:
Santander Brazil: Santander customers experience faster transaction
times, seeing payments settle in seconds instead of an average of
three to five days. Santander Brazil is one of the largest commercial
banks in Brazil with over nine million customers.
BeeTech: By using RippleNet, the company was able to drop its fees
from $20 to $2. BeeTech Global provides international payment services
to more than 150,000 customers worldwide and is one of the many
emerging money service providers relying on new technologies like
Ripple to power faster, more reliable and affordable international
Banco Rendimento: Banco Rendimento is a pioneer in the international
payments space in Brazil. Using RippleNet, customers can receive funds
into their bank account much quicker, safer and cheaper.
“We’re excited to grow our ecosystem in the region and bring additional
financial institutions onto RippleNet to help provide excellent,
efficient cross-border payment experiences for their customers,” says
Luiz Antonio Sacco, Managing Director – South America. “Brazil is a
leader in fintech innovation and positioned to forge a path for the rest
of South America to follow.”
Ripple is experiencing dramatic growth – adding an average of two to
three new financial institutions to RippleNet each week. The company saw
more transactions on the network in Q1 ’19 than it did in all of 2018.
In 2019, Ripple is focused on growing its customer base and team in
Brazil, and across South America including in countries such as Chile,
Peru and Argentina.
University Blockchain Research Initiative
Ripple’s efforts in Brazil go beyond delivering software solutions to
financial institutions. Consistent with its history as a mission driven
company, last year Ripple launched the University Blockchain Research
Initiative (UBRI) to support academic research, technical development
and innovation in blockchain, cryptocurrency and digital payments.
Ripple committed resources to top tier Brazilian universities, including
University of São Paulo and Fundação Getulio Vargas. The company is
working with over fifteen professors at USP and FGV to help support
academic research and technical development across disciplines including
law, business and engineering.
“We believe that academic institutions will play a key role driving the
blockchain industry forward. USP and FGV are innovative,
forward-thinking institutions that are investing in blockchain research
to explore new use cases and help prepare students for future jobs in
this space,” Sacco concludes.
Other leading institutions included in the program are Stanford,
University College London (UCL), University of Pennsylvania, University
of Waterloo and IIT Bombay, among others.
Ripple provides one frictionless experience to send money globally using
the power of blockchain. By joining Ripple’s growing, global network
(RippleNet), financial institutions can process their customers’
payments anywhere in the world instantly, reliably and cost-effectively.
Banks and payment providers can use the digital asset XRP to further
reduce their costs and access new markets. With offices in San
Francisco, New York, London, Mumbai, Singapore, Brazil and Sydney,
Ripple has more than 200 customers around the world.