- InstaREM partners with Ripple for MassPay.
- MassPay was implemented in a Thai banking institution to speed up payment remittance.
The concept of cross border payments has been revolutionized by the work that Ripple has put into the world. Instant Remittance, also known as InstaREM, is located in Singapore, recently partnering with Ripple for their fast and affordable performance, delivering remittance services to 50 countries. Now, they are launching these services for clients of Kasikombank, better known as Kbank or Kasikorn, according to EWN.
Regarding the new arrangement, CEO and co-founder Prajit Nanu of InstaREM stated that they
“are delighted” to be involved with the bank. The CEO added that this collaboration is one more step towards InstaREM being considered a “leading provider for cross-border transactions.”
InstanREM is one of the 200+ clients that RippleNet has onboard, becoming a part of the network a year ago as a way of creating a payment path between Latin America and Southeast Asia. Since then, the platform has managed to develop a payment mesh that is compatible with individuals and corporations with MassPay.
MassPay allows these entities to handle their large payments to many beneficiaries with their choice of currencies. By providing this type of gateway, there have been an 80% drop in the cost of performing cross border money remittance. Following a visit to the Ripple headquarters, Praji commented on the commitment that Ripple shows in financial inclusion on a global scale.
He added that creating more affordability in the payment remittance sector, especially considering the 7% to 8% fees associated with some Southeast Asian nations are too costly for those customers to handle. Prajit explains that there have been some circumstances that have involved $400 to $500 in payments sent, due to the issuance of a paycheck. However, with how high the remittance transaction fees are in these regions, the families receiving these checks have seen much of the check go to waste as a result of hidden fees or the misappropriation of funds.
Ripple has continued to be of good use to InstaREM and their efforts to make these transactions more affordable for the everyday consumer, considering that the pre-funding requirements are no longer implemented in some areas because of it. Real-time remittance becomes substantially easier with this service available.
Ripple has made some other good connections this year, partnering with the Siam Commercial Bank of Thailand (SCB). SCB is the oldest bank in Thailand, and Ripple’s support made it possible for the institution to complete a cross-border transaction in less than a minute. Despite this support and success, it is still unclear if the company plans to adopt xRapid, which uses XRP as a settlement tool.
As Ripple continues their progress, it should not be surprising that their own VP of strategic accounts, Pat Thelen, has already been appointed to the US Faster Payment Council. Thelen will be able to help with the extensive knowledge he has of fast transactions.