Global corporate payments company Align Commerce is bringing its business to Brazil. In an announcement on Monday (March 7), Align said it has opened its Brazil corridor, a move that allows its SME clients to send and receive payments in the country, linking them to Latin America’s largest market by geographical size.
The initiative is the result of Align’s multi-rail tool that uses blockchain technology to ease international payments, invoicing and tracking for corporate users.
According to the company, entering Brazil is a strategic move as the 2016 Summer Olympics is set to bring 400,000 international people into Brazil, leading to an anticipated spike in cross-border payments needs.
Other market conditions make it a crucial time for Align, said CEO and Founder Marwan Forzley in a statement.
“With the increase in bilateral trade and economic relations between the United States, Europe and Brazil, it is vital that Align Commerce helps our companies who pay their suppliers in Brazil by giving them access to Brazilian goods, services and talent,” the executive stated. “Our Brazil corridor eliminates the decades-old obstacles of sending and receiving money internationally, opening up endless possibilities for increased productivity and trade with the country’s $3.3 trillion economy.”
Last month, Align Commerce launched operations in China. That move, too, came at a strategic moment, as opening a China corridor came just ahead of the Chinese Lunar New Year. At the time, the firm also pointed to strengthening trade ties between the U.S. and China, leading to greater demand for B2B transaction services that can accommodate businesses in both markets.
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