Ripple Powered Remessa Online Launches a New Corridor For Instant Transfers, Brazil to Europe

After the UK, Brazil’s first international transfer platform, Remessa Online now allows its shipping customers in Europe to have instant transfers.

With this new corridor, the company enables people in more than seventeen countries in Europe to receive money on the same day.

These instant transfers to Europe have been made possible by a

“proprietary technology that connects directly to SEPA Instant.”

Here, integration with Ripple’s blockchain technology is critical, wrote the company in an official announcement.

“This process is much faster than the traditional SWIFT network used by most banks for international transfers.”

Just a week back, Remessa Online shared that due to its

“exclusive partnership with Ripple, one of the best-known blockchain companies in the UK,”

faster payments has been made possible with a process that is much more agile than the traditional SWIFT.

Integration via blockchain allows transfers to be made as if it were a local operation and not an international one, boasts the company.

Instant transfers are valid for banks that have joined SEPA (Single Euro Payments Network) Instant — a Eurozoen payment system whose structure is similar to the Brailllain Payments System.

To be eligible for these instant transfers, the amount of remittance must not exceed 15 thousand euros and the operation should be made in euros and in the nature of availability, meaning either transfer to same-owned individual account or transfer to an individual account.

Earlier this year, Remessa online revealed that they have been using Ripple’s xCurrent and has been awaiting regulatory approval before XRP integration.