In 2018, InstaRem, a leading cross-border money transfer service provider in Southeast Asia, entered into a strategic partnership with Ripple (XRP), a blockchain company, to facilitate quick and secure payouts for RippleNet members in the region. Over the past five years, InstaRem and Ripple have been working together to build streamlined treasury operations for their Small and Medium-sized Enterprises (SMEs) and internal use.
Yogesh Sangle, the Head of InstaRem, recognizes Ripple’s exceptional speed as a critical advantage. Ripple’s payment solution has reduced InstaRem’s transaction times by 50 percent. This speed is essential for InstaRem, as its customers are spread across 40 different geographies, and being available 24/7 is expected in the industry. Ripple’s speed aligns well with this expectation and strengthens InstaRem’s capabilities.
Ripple’s global payout network represents more than 90 percent of the global FX market. Leveraging this network, both InstaRem and their SME customers can reduce operational overhead associated with treasury management, including cash pooling, wire transfers, and direct deposits. Additionally, fund transfers between bank accounts can be done seven days a week, providing flexibility and convenience to InstaRem’s customers.
Not only is InstaRem benefiting from its partnership with Ripple, but other companies are also leveraging Ripple’s global payments solution. Novatti, a digital company enabling businesses to make and receive payments across 58 countries, has been using Ripple’s On-Demand Liquidity (ODL) solution to facilitate secure and fast cross-border transactions between Australia and Southeast Asia. The ODL solution allows Novatti to process several transactions per month without the need for pre-funding, enabling scalability and efficiency in its services.
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Ripple’s ODL was initially built in 2018 to reduce friction associated with low-value and high-volume cross-border payments. Since then, the ODL solution has expanded into various markets, including Argentina, Africa, Israel, Belgium, and Australia. Ripple’s ODL is seen as the answer to long-standing challenges in the industry, such as pre-funding and speed of fund settlement. Dianne Nguyen, CEO of Hai Ha Money Transfer, attests to ODL’s effectiveness in addressing these challenges.
The partnership between InstaRem and Ripple showcases the potential and benefits of blockchain technology in the finance industry. By leveraging Ripple’s payment solutions, InstaRem has experienced significant improvements in transaction times and operational efficiency. The collaboration allows InstaRem to better serve its SME customers and expand its payment capabilities across multiple geographies.
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