InstaRem does it again! InstaRem expands there cross-border payments service for SBI Remit and SBI Cosmoney. InstaReM which most people do not know is short for Instant Remittance is a Fintech startup company that is headquartered in Singapore offers digital cross-border money transfer to individuals and businesses. Currently, InstaReM is focused mainly on Asia. Since starting operations in August 2015, InstaReM is serving 150 corridors with a staff of around 100 people globally.
Just a month ago (August 2nd) we covered InstaRem and how they enabled B2B payments into China. InstaReM is Southeast Asia leading digital cross-border money transfer service provider and did announce that they will be using RippleNet for there members in Southeast Asia. RippleNet is Ripple’s global network of banks and other financial institutions that provides real-time messaging, clearing and settlement of financial transactions.
Earlier this year in May we covered another article on Instream called “InstaRem Set To Power Cross-Border Payments into Thailand via RippleNet to Kasikorn Bank“. InstaReM uses Ripple’s enterprise-ready ledger product xCurrent to process global, cross-border payments for its customers, and its xVia API to plug into RippleNet and send payments. This coordination between Ripple and InstaReM facilitates quick and secure payouts for RippleNet members in Southeast Asia.
Finally, in February when we 1st covered InstRem we learned that InstaRem has joined forces with Visa.
“SINGAPORE digital cross-border payments firm InstaReM announced on Friday that it is joining Visa’s fintech fast-track program in Asia Pacific. As part of the Visa fintech fast-track, the two companies will work together to build new solutions for moving money to and from different countries in fast, convenient ways that aim to provide users with seamless digital payments and money transfer experiences. The program makes it easier and faster for fintech partners to build and deliver new solutions on Visa’s payments network.”
Now let us get into today’s news. InstaRem, a leading global financial payment company has announced today, September 10th, that they will now power real-time cross border payments for SBI Remit and SBI Cosmoney. SBI Cosmoney is an overseas remittance service eliminates the shortcoming and tradeoffs of traditional remittance services. Now, you can send money internationally in a safe and secure manner with the utilization of secure blockchain technology. We currently support 12 countries in Asia, Europe, Oceania, and North America. InstaRem already powers four of the top ten SouthEast Asian Banks and leading financial institutions across the globe.
Thanks to @XRPCenter for tweeting this out.
September 10, 2019.#RippleNet member @InstaReMit has announced that it will now power real-time cross-border payments for the clients of the SBI Remit and SBI Cosmoney, part of one of Asia’s leading payments companies, across select markets.
— XRP Research Center (@XrpCenter) September 10, 2019