Blockchain-based payment network Roxe has partnered with international foreign exchange broker Treviso to enable remittances to Brazil.
As agreed, Treviso will become a Roxe node to facilitate payments from the US to Brazil.
The move will enable Treviso to eliminate dependence on intermediaries and facilitate faster remittances.
Notably, the move comes weeks after Roxe expanded its footprint to Brazil in partnership with money transfer firm Rana Express.
Roxe chief business officer Josh Li said: “The US to Brazil is a large, important remittance corridor as we continue our global expansion and lead the shift of global payments from a traditional account model to a new blockchain- powered paradigm.
“Today’s international payment and remittance systems are too complicated, too slow, and too expensive. Our partnership with Treviso 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.”
Roxe’s payment technology automatically selects the optimised route to enable payments for any business or individual.
The member nodes can access a permissioned blockchain network to settle payments faster. The system supports transfer and settlement in different assets and asset classes.
Currently, Roxe network has 17 nodes including the latest addition Treviso.
Treviso CEO Cristiano Abdalla said: “Treviso invests in technology and strategic partnerships to provide better, more efficient, and secure foreign exchange solutions for our customers.
“Our partnership with Roxe will help us expand our operations in our domestic market as one of the Roxe payment nodes.
“Treviso customers will be able to use the Roxe channels to complete international payments online, simplifying this process and improving the customer experience.”