US-based payment network Roxe has expanded its footprint to Brazil in partnership with money transfer firm Rana Express.
As Roxe node, Rana Express will facilitate remittances from the US to beneficiaries in Brazil utilising the Rana Wallet.
The partnership will remove intermediary payment companies and offer instant settlement while also helping the regional banks to eliminates the need to maintain reserves.
Leveraging blockchain technology, the Roxe network enables financial institutions to provide clearing and cross-border settlement of payments and remittances.
Roxe’s member nodes can access a permissioned blockchain network in order to settle payments under seconds instead of days.
They will be also able to transfer and settle across various assets and asset classes, unlike previous attempts to facilities clearing and settlement via the use of one digital asset.
Roxe chief business officer Josh Li said: “Today’s international payment and remittance systems are too complicated, too slow, and too expensive.
“Our partnership with Rana continues our mission to make money smarter and enables its customers to send money to Brazil much faster, more reliably, and at much lower costs than before.”
Rana Express is 16th firm to join Roxe network nodes. Roxe’s other partners include IPAY, Fairexpay, Onchain Custodian, N2Xpress, Aberdeen Capital Group, ad BuyUCoin among others.
Rana Financial vice president Matheus Freire said: “Our partnership with Roxe reflects our continued innovation in meeting the needs of the Latin American community in the US, especially those of Brazilian heritage.
“We chose the Roxe network because it helps us advance our mission to offer the immigrant community in the US the most reliable, fastest, and safest cash transfer service at the best price.”
The Roxe network currently supports USD ad several major fiat currencies.
It is also designed to support fiat from select countries with large remittance markets such as India, Nigeria, Egypt, Turkey, Philippines, Mexico, and Brazil among others.
In June this year, Roxe launched an open, decentralised and peer-to-peer payments protocol called Roxe Payment Protocol.