Treviso, a financial institution in Brazil known as a foreign exchange broker, has selected nanopay Corporation as the technology provider to enable self-service international payments for their personal and business customers, the firm announced today.
Founded in 2013, Toronto-based nanopay was founded in 2013 and offers business payment and liquidity management products.
In the first phase, nanopay will provide remittances to 10 countries, but looks to quickly expand this offering to their network of 150+ countries in subsequent phases.
Operating in the foreign exchange market since 1999, Treviso has over 200 partners across Brazil and offers international remittances for businesses, multi-currency prepaid cards for consumers and a free, online exchange alert service.
By partnering with nanopay and leveraging their white-label service, Treviso customers will now be able to complete international payments online.
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“A self-service portal for international payments is something we have yet to see in Brazil, and we believe that it will be a real differentiator in the market,” said Wilson Nagem, CEO of Treviso. “It has been a great experience working with the nanopay team. We look forward to capitalizing on all their technology has to offer in future releases.”
nanopay’s platform is built using hybrid blockchain technology that combines features of blockchain and conventional databases. The main differentiator is that the blockchain is centralised–ideal for both cross-border and domestic payments.
“Similarly to Canada, the financial services industry in Brazil is highly concentrated with only a few major banks. The lack of competition typically leaves small businesses and personal consumers underserved. With our technology, Treviso can enhance the experience for these customer segments beyond the competition with an expanded product suite and a new channel to market,” said Carlos Garcia, vice president, payment operations at nanopay Corporation.
The partnership with Treviso will signify the first step in nanopay’s expansion into Brazil, one of the highest opportunity markets in Latin America. nanopay is also the first foreign-based company to join ABRACAM, a Brazilian association of foreign exchange brokers, banks and financial institutions specialising in foreign exchange and/or international money movement.
“We are incredibly excited about nanopay’s expansion into the Brazilian market. Having Treviso as a partner in this first step has been greatly beneficial,” said Laurence Cooke, chief executive and founder of nanopay Corporation.
“As we continue to expand into multiple geographies, it’s clear that the need for secure, ubiquitous, and faster payments is common around the globe. Our technology is a differentiator, and as a result, we offer one of the most scalable and secure platforms on the planet,” he added.