Ripple partner Instarem forges deeper collaboration with the financial technology firm to enhance treasury operations for its small and medium enterprise clients.
Instarem, one of Rippe’s partners in the financial landscape, is seeking to further strengthen its internal operations via blockchain solutions.
Ripple revealed in a recent press statement that Instarem has made a significant move to leverage one of its payment solutions for internal treasury operations. In particular, Instarem will use Ripple Payments to ease treasury operations for InstaRem and its small and medium enterprise customers.
In the tweet announcing the development, Ripple highlighted that Instarem will leverage its blockchain product to cut the time it takes to process transactions by at least 50%.
"Speed is one of the strengths that Ripple brings to the table.” – Yogesh Sangle, Head of Instarem
Learn how @getinstarem is leveraging our payments solution to reduce transaction times by 50% for their global SME customers. ? https://t.co/eUPD5yOXcY
— Ripple (@Ripple) August 13, 2023
Instarem’s Renewed Partnership with Ripple
Notably, Instarem is a prominent enterprise in the global remittance space. Its collaboration with the San Francisco-based blockchain firm dates back to 2018. At the time, Instarem’s objective was to streamline the hassle of cross-border payments for its global clientele.
However, Instarem is now pursuing a deeper alliance with Ripple for internal treasury operations. In a recent interview, Yogesh Sangle, the Head of Instarem, articulated the essence of the renewed collaboration with Ripple.
Sangle mentioned that Instarem uses Ripple’s treasury solutions to manage liquidity for its internal operations and SME customers. He noted that the treasury solutions allowed its operation to go beyond what was usually possible.
Furthermore, the Head of Instarem particularly highlighted speed as Ripple’s strength in the payment landscape. He elaborated on Instarem’s diverse customer base and the need for round-the-clock reliability.
Sangle remarked:
“Our customers are across 40 different geographies and all parts of the world where we serve, so being 24/7 is almost expected. Ripple fits very nicely with that whole notion, and speed is one of the strengths that Ripple brings to the table.”
Ripple Commands 90% of Global FX
Meanwhile, in the press statement, Ripple spotlighted the massive scale of its global remittance system. The firm stated that its payout network encompasses over 90% of the world’s foreign exchange business.
Ripple believes Instarem would see a dramatic improvement in treasury operations by leveraging its blockchain solution.
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