InstaReMFinancial payments infrastructure company InstaReM said on Tuesday, that it will facilitate cross-border payments for clients of SBI Remit and SBI Cosmoney.

InstaReM will work with SBI Remit and SBI Cosmoney to power their outward real-time remittances. It will help clients of the two firms to realize faster turnarounds, with assured certainty on delivery times and payout amounts.

“We are pleased to be partnering with InstaReM in delivering swift, secure and efficient remittance services for our customers,” said Joe Kim, Cheif Executive Officer, SBI Cosmoney.

SBI Remit is a cross-border fund transfer service provider in Japan. It was founded in 2010 in response to a change in legislation that authorized non-bank financial companies to engage in money transfer services.

Founded in 2017, SBI Cosmoney is an online money transfer service in Korea. It currently has operations across twelve regions including the United States, United Kingdom, Australia, Singapore, China among others.

Headquartered in island-nation of Singapore, InstaReM has a presence across the Asia Pacific, North America and Europe. Its payments mesh is used by individuals, small and medium enterprises as well as financial institutions. It also has partnerships with global payment firms such as Ripple, Visa and First Data.

Cross-border payments company InstaReM is backed by Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund and Atinum Investment and has raised $65 million in funding so far.

Recently, InstaReM announced that it will enable the businesses in the UK and Europe to make payments into China, thereby aiming to strengthen ties between businesses as well as ensure the establishment of an efficient payments system.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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