Ripple partner InstaReM announces plans to provide cross-border remittance service for SBI Remit, Cosmoney

Although XRP has not performed anywhere close to its 2017 glory this year, the crypto-community is aware of Ripple’s efforts to dominate the cross-border payments ecosystem. In yet another milestone for the San Francisco-based firm, RippleNet member InstaReM, a leading global financial payments infrastructure company, has announced a partnership with Asia’s leading payments companies, SBI Remit and SBI Cosmoney, to power real-time cross-border payments.

InstaReM already enables “payments for four of the top ten Southeast Asian Banks and leading financial institutions across the globe.” Prajit Nanu, Co-founder and CEO of InstaReM, welcomed the partnership and commented on the same, stating,

“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.”

Nanu also highlighted the fact that InstaReM would be helping clients of SBI Remit and SBI Cosmoney realize faster turnarounds, while being assured of certainty on delivery times and payout amounts. Mr. Joe Kim, CEO of SBI Cosmoney, said,

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

The partnership in question is a key step towards Ripple’s efforts to dominate the cross-border payments ecosystem. As previously mentioned, InstaReM had entered into a strategic partnership with Ripple back in 2018 to facilitate quick and secure payouts for RippleNet members in SouthEast Asia. SBI Remit on the other hand, one of the companies that InstaReM will be serving, is serviced by international payment-settlements giant, MoneyGram, a company that just recently partnered with the San Francisco-based firm.