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Payment service provider Simple in Brazil, along with Ripple in the Start

2643bcdc3039af70d4095b99b0acf508 - Payment service provider Simple in Brazil, along with Ripple in the Start

Payment service provider Simple in Brazil, along with Ripple in the Start

Home News payment service provider Simple in Brazil, along with Ripple in the Start

Of
Marcel Knobloch –
28.05.2019

The Brazil-based stock broker “Frente Corretora de Câmbio” (The Front Exchange) has partnered with the American Startup Ripple together to start gemeintesam a new platform for cross-border credit Transfers in Brazil. Of all people to benefit, who want to send their money to other countries.

The platform bears the name “Simple” and was developed in cooperation with the Ripple. The Team behind the platform has set itself the goal of a robust cross-border solution for payments of any kind for the Brazilian to provide. Thus, in particular, high fees and slow transaction times, as in the case of the classical transfer service providers, the case should be avoided.

This new “transfer corridor of Brazil”, it allows to send, through the use of Simple money within seconds in other countries, regardless of whether the account of the other Person in Argentina or in Japan. Ripple provides various payment solutions for businesses of any size.

In Brazil, half the population has almost no access to banks, so that this cooperation is primarily to help the local population to send their capital without major delays and cost. The Vice-President of the innovation Fund in the case of Softbank, a Japanese conglomerate and Ripple partners, on a panel discussion, StartSe FinTech conference in São Paulo that a majority of their money is flowing to Brazil, because the people in need of urgent assistance in the financial system, and many of the Fintech companies need financial support, but not received in a timely manner (freely translated):

Approximately 453 Fintechs are active in Brazil, a country where almost half the population is without banks. In the year 2018, more than 1 billion Reais were invested in these companies. Despite this large number, 41% of Fintechs are still waiting for funding, what is the potential of this market to 2019 shows, as more and more drivers of innovation emergence.

According to Fabio Neufeld, a member of the Brazilian Association ABFintechs, controlled 85% of the circulating money of only five banks. Accordingly, it is difficult to get loans as well as financial support for innovation projects, such as Simple. With the help of Simple user high Bank can avoid the fees for small Transfers of up to $ 3,000 complete. By registering for an account, the user can immediately send wire Transfers across country borders without double-digit transaction fees and wait times of several days. Founder Carlos Brown also promises that the company will not act as a large financial institution or a Bank, that in the end a large part of the costs incurred by devouring (freely translated):

We want to win with a high number of transactions, and not with a very high dispersion as is the case with traditional financial institutions.

Featured Image: Stanslavs | Shutterstock

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