Noah has announced its partnership with Picnic to bring USD-native payroll and settlement to Brazil’s global workforce, while also unlocking access to the dollar economy for users.
Following this announcement, the partnership is expected to give Brazil’s global workforce instant and native access to USD, letting them learn, hold, and use USD without the need to rely on US banks, force FX conversions, or delays.
In addition, through the process of embedding dollar-native accounts, payroll, and settlements inside the Picnic app, the partnership is expected to give Brazilian professionals a direct way to earn, hold, and use USD without relying on US banks, and without being trapped in slow, expensive cross-border systems.
Moreover, by being powered by Noah’s regulated stablecoin infrastructure, the solution aims to cut costs by as much as half through the process of getting rid of forced currency conversions, hidden FX leakage, as well as multi-day settlement delays. This will provide workers with the possibility access more of the value they earn immediately.
The focus on bringing Brazil’s global workforce into the dollar economy
According to the official press release, through the use of a single onboarding flow inside the Picnic app, workers will be enabled to receive more of their international earnings into their Noah-powered USD accounts in a fast and secure manner. This doesn’t just unlock faster payments, but will also allow them to participate in the global economy.
Furthermore, the Noah and Picnic flow will work through the following steps:
- Unified Onboarding, meaning that the verification will be handled entirely within the Picnic app, giving users who verify their identity once the possibility to not repeat KYC checks for Noah and allowing them to generate a USD account instantly.
- Virtual Accounts: Once verified, users will generate a unique USD virtual account powered by Noah directly inside their Picnic wallet.
- Seamless Collection, meaning that users will share these details with US employers, and the employer will pay via standard ACH as if paying a local employee.
- Instant Settlement: Upon receipt, Noah is set to automatically convert the USD to stablecoins and settle them instantly and securely to the user's Picnic wallet.
- Choice: Users will be allowed to hold the funds in stablecoins or pay with Picnic debit cards.
