InstaReM is a leading cross-border money transfer platform at Southeast Asia. The service provider is now ready to enter into a strategic partnership with Ripple. Ripple is an enterprise of Blockchain payment platform. InstaReM is preparing a plan to facilitate fast and safe payouts for RippleNet members within Southeast Asia.
InstaRem offers cross-border payment service to more than 55 countries. It has headquarters in Singapore with 3.21 billion people worldwide. They are focusing to improve and scale service to more new upcoming regions.
RippleNet is a global network of banks at Ripple with numerous financial institutions. RippleNet offers real-time messaging, streamlining settlement of financial transactions. This new partnership will let RippleNet provide their SME and corporate customers exclusive, fast with hassle-free payouts. Moreover, they can pay out to multiple destinations around the region.
During the announcement with Ripple, Prajit Nanu, the CEO at InstaReM says,
We are pleased with this new partnership with Ripple which will see RippleNet members utilizing InstaReM’s unique payments mesh we have developed in Southeast Asia to further streamline payment processes.
Patrick Griffin, the Head of Business Development at Ripple also says,
We are ready to work with InstaReM to solve the global payments problem. In any situations, it’s imperative that we connect the world’s financial institutions into a payments system that works for customers, not against them.
The remittance hubs of InstaReM exists all overs Asia-Pacific, EU, and the U.S. together with an operations office in India. According to the official report, InstaRem has 98% savings on domestic transfer rates for clients. They are targeting to leverage Ripple’s advancing technology for processing transactions in real-time.