Access to new Brazilian real time payment network enables instant local payments 24/7 throughout the country
Ria Money Transfer, a world leader in the cross-border money transfer industry and subsidiary of Euronet Worldwide, Inc., 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.