With the collaboration, Jeeves makes it easier for businesses operating out of Brazil to make B2B payments in U.S. dollars and other currencies, Jeeves CEO and founder Dileep Thazhmon said in a Wednesday (Nov. 8) post on LinkedIn. Jeeves provides fully digital settling on both sides, quick payouts and convenience via its expense management platform.
“Payments out of Latin America is a complex and regulated process (especially to deliver it in USD), and we’re happy to partner with Bexs Group to deliver this much-needed product offering,” Thazhmon said in the post.
The fully digital self-service cross-border B2B payment platform enabled by this partnership aims to eliminate the manual processes traditionally associated with sending money from Brazil to global destinations like the U.S. or Europe, Finextra reported Wednesday. The platform allows transactions to be executed digitally within 24 hours, ensuring compliance with the Central Bank of Brazil’s security standards.
The platform integrates with Bexs’ FX-as-a-Service solution, enabling international transactions to be conducted entirely digitally, according to the report.
Bexs CEO Luiz Henrique Didier Jr. said in the report: “We are using technology to offer the best to Brazilian companies, with digital solutions that ensure seamless transactions and optimize processes, while mitigating the bottlenecks that can impact the course of their activities.”
One of the advantages of this platform is the competitive foreign exchange (FX) rates it offers, according to the report. This not only speeds up fund transfers but also optimizes margins on transactions.
Jeeves has served startups and early-stage companies in Brazil since entering the market in 2022 and now aims to target medium- and large-sized companies as well, the report said.
Jeeves publicly launched in March 2021, saying its proprietary infrastructure allows customers to make cross-border payments and pay vendors with corporate cards without FX fees or having to use multiple banks in several regions.
PYMNTS Intelligence found that Brazil leads other Latin American countries in both digital banking and digital payment adoption. While 90% of bank customers in Latin America leverage some form of digital banking, 98% of those in Brazil do so, according to the “Digitizing Payments in Latin America Playbook,” a PYMNTS and Kushki collaboration.
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