Ria Money Transfer Adds Real Time Payments Through Brazil’s PIX Instant Payments Platform in Partnership with Banco Rendimento
Ria Money Transfer, a subsidiary of Euronet Worldwide (NASDAQ: EEFT), has launched instant payments in Brazil via the PIX network, facilitating local BRL transfers 24/7. This new service, made possible through a partnership with Banco Rendimento, allows customers to receive funds instantly and at affordable rates, enhancing Ria's Brazilian service portfolio. The PIX system, implemented by Brazil's Central Bank, simplifies the payment process by using a unique PIX key instead of traditional bank account details, improving overall customer experience.
- Launch of instant payments in Brazil expands Ria's service portfolio.
- 24/7 access to local BRL transfers enhances customer convenience.
- Partnership with Banco Rendimento strengthens Ria's market position.
- None.
Access to new Brazilian real time payment network enables instant local payments 24/7 throughout the country
BUENA PARK, Calif., June 10, 2021 (GLOBE NEWSWIRE) -- Ria Money Transfer, a world leader in the cross-border money transfer industry and subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), today announced the launch of instant payments in Brazil via the country’s new PIX real time payments network. Ria will participate in the PIX network through its partnership with Banco Rendimento and can now facilitate local BRL transfers and payments 24 hours a day, 7 days a week, including weekends and holidays. The simplicity of this new digital infrastructure makes it easier and faster for customers across the country to receive funds instantly at affordable rates and further advances Ria’s Brazilian service portfolio.
Launched by the Central Bank of Brazil in November 2020, PIX is the single brand for the instant payment network that enables the sending and receiving of funds solely through the PIX key associated with the account, such as a customer’s email address, phone number or other alpha numeric alias. This streamlines the payment process and improves the customer experience by eliminating the manual inputs of bank account details currently required by traditional bank transfers.
“At Ria Money Transfer, we are committed to meeting our customers’ demands with a best-in-class value proposition, and our bank deposit service plus its real time payments component does exactly that – providing time and money back to our customers and their families,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Accessing PIX through our long-lasting partnership with Banco Rendimento is a great addition to our industry leading global bank deposit network, which has long enabled our customers to send remittances to family members and loved ones through more than 3.6 billion bank accounts and 200 million mobile and virtual accounts and is being expanded to enable consumer and corporate payments over the same network.
“The speed to market of this service launch characterizes both Ria’s leadership position at the forefront of emerging payments technology, and our commitment to the enablement of fintech for all consumers through the delivery of fast, convenient and competitively priced payments wherever they are. Accessing PIX through our partnership with Banco Rendimento perfectly complements the world-leading range of bank deposit capabilities we have with them and unlocks real time payments for the first time for a significant portion of the population currently excluded from electronic payments.”
"We are confident in the success of the partnership with Ria Money Transfer. We have made a significant investment in new technologies with PIX, having developed API platforms in order to offer access to our partners interested in making the PIX model available to their end customers. Our focus is on offering a wide range of pioneering services for our customers and partners,” said Jacques Zylbergeld, FX Superintendent of Banco Rendimento.
About Ria Money Transfer
Ria Money Transfer, a subsidiary of Euronet Worldwide, Inc. (NASDAQ:EEFT), delivers innovative financial services including fast, secure and affordable global money transfers. With the second most extensive cash settlement network and the largest direct bank deposit network in the world, Ria gets money to where it matters.
Ria’s integration into Euronet Worldwide’s REV Payments Cloud provides a gateway to a suite of state-of-the-art fintech products and services, advancing the company to the forefront of its industry. Bridging the gap between digital and physical transactions, Ria’s omnichannel products and services, together with the company’s rapidly expanding alternative global payout capabilities, provide unprecedented consumer choice, including agents and partners, real-time payments, home delivery, mobile wallets, and cardless ATM payout (exclusively with Ria).
Ria’s global infrastructure facilitates financial access to customers and partners alike, promoting economic growth around the world by opening new market opportunities. Ria opens ways for a better everyday life.
About Banco Rendimento
Banco Rendimento is a commercial Bank founded in 1992. Its partnership with Ria Money Transfer has been active since 2007.
Together, Ria and Banco Rendimento serve customers around the world through different products. Banco Rendimento has made significant investments in its services, in trained personnel and in security - here based on the guidelines of the Central Bank and the best market practices, since Security is an important pillar for us and we need to ensure it.
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