Instarem, a key partner of Ripple in the financial sector, aims to enhance its internal processes through the integration of blockchain solutions.
Ripple recently disclosed in a press release that Instarem has taken a substantial step to utilize one of Ripple’s payment solutions for optimizing its internal treasury operations. Specifically, Instarem intends to employ Ripple Payments to streamline treasury tasks for both InstaRem and its small and medium enterprise clients.
In the tweet unveiling this advancement, Ripple emphasized that Instarem will harness its blockchain product to reduce transaction processing times by a minimum of 50%.
Ripple and Instarem Renew Collaboration
Significantly, Instarem holds a prominent position in the global remittance sector. Its partnership with the San Francisco-based blockchain company traces back to 2018 when Instarem’s primary objective was to simplify the complexity of cross-border payments for its worldwide customer base.
Presently, Instarem is taking steps to deepen its cooperation with Ripple by focusing on internal treasury functions. Yogesh Sangle, the Head of Instarem, elucidated the significance of this extended collaboration with Ripple during a recent interview.
Sangle emphasized that Instarem is utilizing Ripple’s treasury solutions to effectively manage liquidity for both its internal operations and its small and medium enterprise clients. He highlighted that these treasury solutions have empowered their operations to surpass conventional limitations.
Additionally, the Instarem Chief specifically emphasized that Ripple’s forte lies in its speed within the realm of payments. He went on to elaborate on the varied clientele that Instarem serves and emphasized the necessity for constant reliability, 24/7.
“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 Dominates Global FX by 90%
In the official announcement, Ripple drew attention to the extensive reach of its worldwide remittance system. The company pointed out that its payout network covers a substantial portion, over 90%, of the global foreign exchange market.
Ripple is confident that by utilizing its blockchain solution, Instarem would experience a significant enhancement in its treasury operations.