MoneyNetint removes the financial barriers in Brazil with unique cross-border payments service
By Pavithra R
MoneyNetint, a UK based global payment service provider connecting SMEs to the world’s banking ecosystem has announced 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.
MoneyNetint, following its collaboration with Sao Paulo-based Banco Rendimento, a specialist bank for small and medium-sized enterprises (SMEs), now enables any company to make payments to Brazil-based businesses or individuals for a fraction of the cost of traditional international payments services.
“Brazil presents an enormous market opportunity, but it’s been largely untapped because of the cost and difficulties of making international payments. 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,” said Yishay Trif, CEO of MoneyNetint.
The new service is fully compatible with PIX, the instant payment system developed by the Central Bank of Brazil, and available for MNI in March. The alliance between MoneyNetint and Banco Rendimento will enable businesses and individuals to plug into Brazil’s payment ecosystem instantly and make instant money transfers to anyone in the country.
“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,” said Jacques Zylbergeld, FX Superintendent at Banco Rendimento.