• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Altcoin News / Ripple speed is a critical differentiator in global remittances, says Instarem CEO
Ripple

Ripple speed is a critical differentiator in global remittances, says Instarem CEO

March 5, 2019 by Naveed Iqbal

How the company was created

It all started with a friend’s bachelor’s party. No, seriously. It was in Thailand. At least that’s the story told by Instarem’s website.

Let’s see. Prajit Nanu, a former global sales director for TMF Group, also Sales & Account Management at WNS was charged with booking a resort for that party in Phuket, Thailand. For that, he had to transfer money overseas and he found it was a nightmare. It was slow, expensive, he had to cut through a lot of red tapes. It just wasn’t worth it but it was unavoidable.

That experience made Mr. Nanu join forces with Michael Bermingham, a close collaborator. Also an expert in compliance in three different continents (Europe, Asia, and North America). They had a vision together. International payments should be painless. Quick, cheap, devoid of paperwork. And that’s how Instarem was born.

A successful global remittance service

The company now operates in the United Kingdon, the USA, Lithuania, India, Malaysia, Singapore, Hong Kong, and Australia through local offices but it does business in more than 50 countries scattered all around the planet. The company is thriving.

It was the winner of the Singapore Fintech Award Festival in 2017 and declared the Outstanding Digital Cross-Border Money Transfer Service at the ET Net FintTech Awards, 2017.

What’s the firm’s secret for such success? It’s blockchain technology. More specifically, it’s Ripple‘s blockchain technology, software platforms, and cryptocurrency (XRP) which are designed exactly to get rid of almost all the friction still prevalent in the settlement of international payments.

The interview

Mr. Nanu himself explained that in a recent interview. He explained how the market has two main problems to solve: cost and speed. His own focus is in attacking the speed problem first (making international payments as quick as domestic ones). Being part of the RippleNet helps InstaReMit to expand without actively looking for new partners in other countries because every new bank or remittance service that joins the RippleNet automatically becomes a new institution available for business.

YouTube video

When asked why he chose to partner up with Ripple he went back to the question of speed. Ripple’s services and platforms allow his company to solve that problem in a very safe and reliable way which is paramount in his priorities.

This technology allows banks in SouthEast Asia, for instance, to send money to, say, the UK and have the transaction completed in five minutes. It’s huge progress if you take into account that the very same payment, sent through the standard channels, needs at least 24 hours (but often it can be 48 to 72) to reach its destination.

He finished saying “All our success is based on how fast our payments can be”. In other words, all their success is to be Ripple’s strategic partner, more or less. That’s a lot to say.

It seems that every financial institution in the planet who’s giving Ripple a try is falling in love with it, because it really makes things a lot easier for the banks at the same time that it improves the experience for customers because it’s not only so much faster but also so much cheaper.

Ripple has more than 200 strategic partners as we write this, and a new one is announced every week on average.

Image courtesy of PixaBay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Filed Under: Altcoin News Tagged With: Banks, Ripple (XRP)

Primary Sidebar

Recent Posts

  • Pi Network Delays Full Launch Until Pi Coin Hits Stable $10 Price Target July 13, 2025
  • Solana Gains Institutional Backing as Upexi Commits $200 Million to Treasury July 13, 2025
  • BlockDAG’s Orcas Deal & $337M Raise Take the Lead as DOGE Holds Support & HBAR Eyes Key Resistance July 13, 2025
  • Ethereum Eyes $10K as Institutional Giants Like BlackRock and Fidelity Join the Bull Run July 13, 2025
  • Ripple’s RLUSD Stablecoin Targets the $685B Cross-Border Payments Market July 13, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.