BS2, the first Brazilian digital bank specialized in companies, launches a unique solution that allows companies and people to have access to international payments and receipts in real time from Brazil to abroad and vice versa, BS2 Easy Pay.
“With the offers that exist on the market today, the cost for the end beneficiary is still very high“, says Rodrigo Moreira, executive director of products at BS2. “Our solution solves the pain of those who want to send money from Brazil abroad, or from abroad to the Brazilian market, but don’t want to pay exorbitant amounts to do so. We took advantage of our technological vocation and combined the best we have in our payments architecture with what the new exchange rate framework made possible, in a totally innovative solution“, he adds.
In a cross selling exchange and cash management offer, within the as a service model, BS2 Easy Pay aims to serve international remittance companies that have a remittance service – domestic remittances from Brazil to abroad and vice versa – through an account in reais for non-residents, without the need to make the conversion of Real (BRL) currency. This way, the bank is able to credit the remittance amount directly to the beneficiary’s current account.
For the executive director of exchange at BS2, Carlos Eduardo Andrade Jr., the opening a non-resident account was facilitated by the Brazilian exchange rate mark. “By lowering remittance costs, we facilitate the entry of fintechs in the foreign exchange sector into the market, providing more efficiency and agility for the operation of these companies”, he comments. The bank wants to serve e-commerce companies, marketplaces and digital wallets. “With this, we respond to the international and national market, putting into practice the international use of the Real (BRL)“, he states.
In addition to the facilities already listed, another advantage of BS2 Easy Pay is that it operates 24×7, regardless of the time zone of the sending or destination country
According to a survey by The World Bank, in 2023, the digital remittance market will exceed 50% of the total volume of remittances for the first time in history, with a global estimate of transacting US$387 billion.
“This is the size of the market that the BS2 solution can act on and, with the World Economic Forum’s proposal to reduce the cost of remittances, the global market will increasingly countries that have real-time payment and solutions that enable this, as is the case with BS2 Easy Pay“, concludes Andrade Jr.