IBS Intelligence has reported that RippleNet client MoneyNetint (payments provider for SME from the U.K.) and Sao Paolo-headquartered Banco Rendimento, which runs on RippleNet Cloud, have announced their partnership.
The two companies plan to set up a payments service for SME (small and medium enterprises) that would be much cheaper than regular cross-border payments.
Brazil is viewed as a big market opportunity by MoneyNetint and a market that has not been properly explored yet by payments companies.
The company is now expanding into this territory by striking a partnership deal with the local Banco Rendimento that also runs on Ripple.
Both companies have been initially providing services to SME. Now, any company or individual in Brazil can conduct a payment far cheaper than with regular providers.