- InstaRem and Ripple renew their commitment to building streamlined treasury operations for their Small and Medium-sized Enterprises (SMEs).
- InstaRem has had its transaction times reduced by 50 percent as the Head of InstaRem lauds Ripple’s payment solution.
One of the leading cross-border money transfer service providers in SouthEast Asia, InstaRem, entered into a strategic partnership with Ripple (XRP) in 2018 to facilitate a quick and secure payout for RippleNet members within the region. Five years down the line, InstaRem together with the blockchain company is building streamlined treasury operations for both their Small and Medium-sized Enterprises (SME) and internal use.
Yogesh Sangle, Head of InstaRem has stated that Ripple’s incredible speed makes it the right fit for the whole initiative. As claimed by Ripple, its payment solution has reduced InstaRem’s transaction times by 50 percent.
Our customers are across 40 different geographies and all parts of the world where we serve, so being 24/7 is almost expected. Ripple fits very nicely with that whole notion, and speed is one of the strengths that Ripple brings to the table.
According to reports, Ripple’s global payout network represents more than 90 percent of the global FX market. Leveraging this provision, both InstaRem and their SME customers can reduce the operational overhead linked with treasury management including cash pooling, or decide between wire transfer and direct deposit. One important advantage is that fund transfers between bank accounts can be done seven days a week.
“Speed is one of the strengths that Ripple brings to the table.” – Yogesh Sangle, Head of Instarem
Learn how @getinstarem is leveraging our payments solution to reduce transaction times by 50% for their global SME customers. 🌎 https://t.co/eUPD5yOXcY
— Ripple (@Ripple) August 13, 2023
More on InstaRem and Other Customers of Ripple’s ODL
InstaRem was founded in 2014, and is authorized as Money Services Business (MSB) in “Singapore, Hong Kong, Australia, USA, Lithuania, Canada, India, and Malaysia.” It facilitates payments to more than 60 countries and more than 3 billion people worldwide. It has a payment mesh in Asia used by SMEs and individuals for fast cross-border transactions at a lower cost.
Patrick Griffin, Head of Business Development at Ripple commented on the partnership:
We’re excited to work with InstaReM to solve the global payments problem and the impact it has on emerging markets. Whether it’s a teacher in Singapore sending money to his family in Thailand, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for customers, not against them.
Another company leveraging Ripple’s global payments solution is Novatti. Novatti is a digital company that enables businesses to make and receive payments across 58 countries on any device. Novatti takes advantage of the On-Demand Liquidity (ODL) solution to facilitate secure and fast cross-border transactions between Australia and Southeast Asia. With this, it can process several transactions a month and scale the services to more Fintech customers without pre-funding.
Ripple’s ODL was built in 2018 to reduce friction that usually goes with low-value and high-volume cross-border payments. It has since expanded into several markets with its payout markets cutting across Argentina, Africa, Israel, Belgium, Australia, Brazil, etc.
According to Dianne Nguyen, CEO of Hai Ha Money Transfer, Ripple’s ODL is the perfect answer to the long-standing challenges of pre-funding and speed of fund settlement.
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