A lot of money transfer companies are looking to improve their service and offer low cost money transfer. Some have launched apps to enhance mobile money transfer, while others are building it. Similarly, Ripple also operates with the motto to promote low cost cross border remittances. A Brazilian exchange, The Front Exchange (Frente Corretora de Câmbio) and Ripple have partnered to launch a platform to offer easy, seamless international remittance services.
The platform to be launched is known as ‘Simple’ and will enable Brazilians to make cross border payments from June 2019. According to Carlos Brown, the co-founder of the Front Exchange, the platform will not charge any fee for its cross border remittances. Simple will be based on the gain of spread that the transaction delivered. claims Brown.
Simple’s user is the average citizen, who has a child living outside the country, for example. This public does not make large remittances, it is a money for the family, and this percentage charged by the institutions ends up swallowing a very large part of the value. We want to win with a high amount of operations and not with a very high spread, like traditional financial institutions.Carlos Brown, Cofounder The Front Exchange
More on this story here: Ripple partners with Brazil’s Front Exchange to launch Simple to ease cross-border remittance