Ripio, a leader in the digital asset management space, has been authorized as a money transmitter from Mexico’s National Banking and Securities Commission (CNBV).
This new registration allows Ripio to work with national and international money transfers and broadens its immersion in the Latin American financial world.
In an official statement to Cointelegraph in Spanish, the company noted its intention to continue expanding in the region and upgrading its infrastructure.
Improving cross-border payment services
Now as a money transmitter, Ripio plans to use its business unit, Ripio Business, which develops enterprise-specific solutions.
They want to build a reliable infrastructure for cross-border payment management that would allow for easier capital transfer features for startups, SMEs, and large companies alike.
Ripio’s Chief Revenue Officer (CRO), Matías Dajcz said to Cointelegraph that the registration allows for speedier and more compliant global transactions for their clients.
He added that this is an important step for the company to expand its reach and strengthen its infrastructure in the region.
This strategic change will enhance services while also improving regulatory compliance for anti-money laundering (AML) and combating terrorism financing (CFT) rules.
Before getting the money transmitter license, Ripio had already been certified with SOC1 and SOC2 compliances as a first step to aligning with many international standards.
To comply with the Mexican financial authority, the company will conduct annual audits to ensure operations align with expectations.
Compliance is a priority for both authorities and clients who desire secure financial transactions.
Dealing with cross-border transactions
Ripio’s platform is designed to resolve common challenges in cross-border payments, such as high fees and the complexity of managing multiple bank accounts in different currencies.
By leveraging blockchain technology for traceability and speed, while integrating local fiat currencies, Ripio offers businesses a more flexible and efficient way to manage payments.
Ripio’s offering is unique due to its extensive local coverage in the region. It is one of only a few organisations that can efficiently operate across multiple Latin American countries.
Enhancing B2B partnerships across Latin America
Ripio is expanding its collaborations across Latin America to strengthen its position in the B2B market.
The company has partnered with major firms like Mercado Pago (Brazil and Chile), IOL Inversiones (Argentina), and OCA Blu to develop and expand its services, linking its financial gateway to the payments industry.
Such partnerships are important in providing businesses with the full range of services they need as they navigate the complexity of cross-border transactions.
This new license as a money transmitter in Mexico complements Ripio’s vision of being the bridge for revolutionary products and services in the Latin American financial ecosystem.
This also represents a movement of creating a more efficient and secure way to transfer value across countries.
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