How Payments Improved InstaReM & BeeTech’s Customer Experience
Establishing new connections on RippleNet was a critical priority at Swell 2018. While matchmaking between customers at the event inspired potential new corridors in real-time on the ground, stories of current customer success across RippleNet were in the spotlight on stage.
InstaReM and BeeTech worked on opposite sides of the globe, but they were both trying to address the same problems for their customers. In London, Co-Founder and CEO of InstaReM Prajit Nanu saw global payments that just “didn’t work.” They were just too expensive and took too long.
“The focus of building InstaReM was twofold: 1) it was to build infrastructure that would allow institutions to tap into our network to send low-cost payments 2) to create a consumer remittance platform,” Nanu explained to the audience. “People want transparency and low cost — can you reduce the cost as much as possible? And, the most important thing was real-time payments.”
In Brazil, BeeTech Founder and CEO Fernando Pavani saw a market dominated by a few major banks that struggled to provide low-cost, scalable solutions for cross-border payments. He founded BeeTech to make cross-border payments from Brazil faster and more affordable. Key to this was BeeTech’s ability to streamline required regulatory compliance, a complicated process for payments into and out of the country.
Ripple connected Nanu and Pavani through RippleNet, allowing them to establish new corridors from Brazil to Spain, Italy, Germany, France and Portugal. The two talented and like-minded CEOs immediately saw the benefits of this new connection for both of their companies.
“For us in Brazil, banks hold all the networks, and they don’t show who the providers are. And, the local providers, they keep that for themselves,” said Pavani on stage. “So what Ripple did for us is change the engagement of the market. They provided a connection with a local player that is cost efficient, fast and that shared the same values as BeeTech.”
The two innovative financial institutions were such an ideal match, Nanu and Pavani joked that their partnership was one akin to an arranged marriage, with Ripple as the priest. The new relationship was one that also moved at lightning speed: It took only three months from signing their contract to executing their first transaction.
With RippleNet, InstaReM and BeeTech are able to provide real-time, efficient payments that lower overall costs. Both financial institutions are also able to create new business opportunities for their customers and scale their connections around the world faster.
“The purpose is to provide real-time feedback for the customers and Ripple is helping provide that experience,” Pavani pointed out. “We solve the small problems and the client solves the big problems.”