Ripple Partner InstaReM Now Powers Real-Time Remittance Payments for SBI Remit and Cosmoney Clients

  • With this partnership, InstaReM plans to establish as a leading provider of real-time payments

Ripple partner InstaReM will now power real-time cross border payments for the clients of another Ripple partner SBI, as per the latest announcement.

A leading global financial payments infrastructure, InstaReM first joined Ripple for Southeast Asia payouts via RippleNet at the beginning of last year.

Now, the company is going to work with one of the leading banking partners of Ripple SBI — SBI Remit and SBI Cosmoney — across select markets.

InstaReM currently powers payments for four of the top ten Southeast Asian banks and financial institutions across the globe. Now, with this new partnership with SBI Remit and SBI Cosmoney, the company would be able to further establish itself as a leading player in the institutional payments space.

On this partnership with SBI Remit and SBI Cosmoney, Prajit Nanu, co-founder and CEO of InstaReM shared,

“We are delighted to be working together with SBI Remit and SBI Cosmoney to power their outward real-time remittances. This relationship further cements InstaReM’s position as a leading provider for real-time payments.”

“With InstaReM, the clients of SBI Remit and SBI Cosmoney will be able to realize faster turnarounds, while being assured of certainty on delivery times and payout amounts,”

he added.

SBI Cosmoney allows its users to send money internationally in a safe and secure manner with the utilization of blockchain technology that eliminates the shortcomings of traditional remittance services. It currently supports 12 countries in Asia, Europe, Oceania, and North America.

“We are pleased to be partnering with InstaReMin delivering swift, secure and efficient remittance services for our customers,”

said Joe Kim, CEO of SBI Cosmoney.

Japan’s SBI Remit, in collaboration with Siam Commercial Bank (SCB) in 2017 started using xCurrent, Ripple’s blockchain enterprise solution to power real time remittance payments between Japan and Thailand.

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