Cross-border payments provider and RippleNet top partner InstaReM has recently undergone a revamping. It is now part of Nium.
This is according to an official statement by the cross-border payment provider. The announcement disclosed that the revamping is Nium’s strategy of developing a world of “open money.”
The latter will facilitate easy transactions of funds and have global coverage. The announcement also highlighted that InstaReM recently underwent a $41 million funding round.
InstaReM now part of Nium
InstaReM first entered the payment space by partnering with Ripple. The partnership was aimed at enabling seamless payout for all RippleNet members in Southeast Asia.
Co-founder and CEO of Nium, Prajit Nanu, commented on the revamping. He said: “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform”. Stressing on the fact that Nium over the last few years has worked really hard to “build new capabilities that open a world of possibilities in the global payments universe.”
He also pointed out that the rebranding will create worldwide awareness of Nium capabilities. It would also help facilitate direct engagement with “existing and future enterprise partners.” The platform will create new products and completely eliminate all legacy system constraints.
The statement, however, stressed that InstaReM will still operate as a digital remittance solution but will instead be powered by the Nium platform. Just last month, the company launched a digital money transfer service in Canada. It enables individuals and businesses in Canada to easily send money to more than sixty countries.
On a different note, Ripple also recently partnered with two banks. The partnership will help enhance the adoption of Ripple’s protocol. The banks are Interbank (Peru) and Vitesse (the U.K.).