MoneyNetint, the payment service provider connecting SMEs to the world’s banking ecosystem, today announces a unique service that slashes the cost of doing business with Brazil and creates a level playing field for SMEs expanding into this major developing market.
Following a partnership with Banco Rendimento, the Sao Paulo-based specialist bank for small and medium-sized enterprises (SMEs), MoneyNetint now enables any company to make payments to Brazil-based businesses or individuals for a fraction of the cost of traditional international payments services.
MoneyNetint enables businesses to trade with the world by making international payments secured, efficient, affordable, and hassle-free. The company works with international financial services providers, payments networks, and national regulators to enable anyone to make and receive payments anywhere in the world, as easily as in their home country.
Under the new partnership, Banco Rendimento will distribute payments from companies to local Brazilian businesses and individuals made through MoneyNetint. The partnership is based on RippleNet’s platform, enabling financial institutions to connect through secure and highly reliable blockchain-based infrastructure, resulting in a seamless transaction flow and lower fees for end customers. Brazil, traditionally considered a complex market to enter, is now accessible using state of the art technology.
The new service is fully compatible with PIX, the instant payment system developed by the Central Bank of Brazil, which is already live in Brazil and available for MNI in March. The partnership between MoneyNetint and Banco Rendimento will enable businesses and individuals to instantly plug into Brazil's payment ecosystem and start making instant money transfers to anyone in the country immediately.
SMEs are a growing but underserved market in cross-border payments, with McKinsey estimating the annual value of international business-to-business payments to Brazil at between $8 billion and $12 billion.
“Brazil presents an enormous market opportunity, but it’s been largely untapped because of the cost and difficulties of making international payments,” said Yishay Trif, CEO of MoneyNetint. “Traditionally this has involved high fees, most of which are hidden in highly unfavourable exchange rates. This eats into profit margins and can even lead to businesses losing money on transactions.
“Large businesses with high volume and value of transactions, don’t face this challenge because their banks provide them with relatively low fees and preferential rates of exchange. Our new partnership with Banco Rendimento not only enables SMEs to expand into this growing market, but levels the playing field so any business can finally compete on fair terms with the largest enterprises.”
Jacques Zylbergeld, FX Superintendent at Banco Rendimento, said, “The regulatory landscape in Brazil has eased considerably in the last couple of years, and businesses around the world are eager to take advantage of this massive market potential. To do that, they need a payment provider that can make cross-border payments secured, affordable and ultra-reliable.
“Our partnership with MoneyNetint puts us in pole position to benefit from the growing market for cross-border payments, and enables our customers to benefit from increased inward investment and new trading relationships. We’re proud to be Brazil’s first bank to make cross-border payments affordable, and to bring down the barriers for SMEs that want to trade with the rest of the world on equal terms,” he concluded