Latin America can look forward to Friction-Free Exchange, thanks to Bitso and Ripple
Bárbara González Briseño, Head of Finance at Bitso, has a wealth of experience in sending money outside of Mexico in his life, and that was the reason why she worked with Bitso over the years to facilitate and solve the problem.
Mexico used all years classic transfers, which were both time-consuming, expensive and inefficient.
“With help from Ripple, Bitso is the now the largest exchange in Latin America,”
“We have the world’s largest liquidity of Mexican pesos to digital assets and are MoneyGram’s key exchange partner for remittances into Mexico.”
“I knew that every time I needed to pay a global supplier it would be a hassle,”
“To set up the transfer, I had to complete a form, sign it, scan it and send it to the bank, then wait days for them to purchase the dollars required to make my payment. I never knew at what stage the process was at when the supplier would receive the money. That’s my experience as a corporate customer. It’s an even bigger problem for retail customers, especially families whose rent, groceries and educational costs depend on remittances from relatives working abroad.” said Head of Finance, Bárbara González Briseño.
Cooperation between Bitso and Ripple began in 2018 when they agreed to develop and test the solution to the biggest problem, which is a cross-border transfer from the US to Mexico.
RippleNet’s On-Demand Liquidity (ODL) can instantly convert US dollars into XRP (digital currency) and then via Bitso convert to Mexican pesos.
“ODL is amazing,” “The transaction happens instantly, is much more cost-effective and you know exactly when the recipient receives it. Just a few months after starting work with Ripple, we were able to offer a fully functioning solution to our partners. Since July 2019, we’ve seen a major increase in adoption as well as the volume of transfers we’re facilitating.”
“There are millions of migrant workers in the U.S. who send money back to Mexico,”
“Their families are often surviving week to week on these remittances, so the immediateness of ODL versus the traditional process that took days is significant. Also, the costs are a fraction of wire transfer fees so more of the sender’s hard-earned money makes it back to their family.”
“Our vision is to boost financial access across the region,” concludes Briseño, “and we’re now looking at other popular corridors like Brazil-Argentina, Colombia-Brazil and U.S.-Peru. We want to connect all of Latin America into a single network where everyone can transact instantly and cost-effectively, whenever they need to. Ripple shares our vision of using its innovative technology to create accessible and valuable friction-free exchange for our partners and their customers.” said Bárbara González Briseño