InstaReM, Southeast Asia’s leading money transfer service, has introduced a new feature to its money transfer platform that enables Small & Medium Business (SMB) users to make payments in multiple currencies in one go.
Businesses making regular payments overseas to vendors, suppliers and service providers, can now do so more quickly, transparently and at Zero-Margin FX Rates with InstaReM.
Until recently, the business customers making multiple payments had to set up individual transactions for each payment and execute them one by one, requiring additional time and effort. With the ability to set up multiple transactions in one go, a business user can now make transfers to multiple beneficiaries in multiple currencies at the click of a button.
There are no setup fees or monthly charges and it costs nothing extra to send or receive payments.
To avail InstaReM’s multi-currency feature, a business user needs to set up transfers to multiple recipients in native currencies. InstaReM effects transfers at Zero-Margin FX rates and low transfer fees, and the recipients in different countries receive payments in their local bank accounts in native currencies. Since there is no physical movement of money, the process of transfer is very quick – within 24 hours.
Prajit Nanu, co-founder and CEO of InstaReM said that the company has introduced the new feature, based upon the outcome of a focus group study with business clients of InstaReM and non-clients.
“In our interactions, we realized that there are many Small and Medium Businesses who need to make not one, not two, but many multiple payments to their suppliers, staff, freelancers and other stakeholders located in different parts of the world. Setting up only one transaction at a time was not efficient. At InstaReM, we understand that business banking is notoriously expensive and difficult to set up and manage, especially for small businesses. Therefore, we’ve added this new feature to take out the pain of this process, while saving a lot of time and effort for businesses.”
The feature that makes the process of multi-currency payments easier, faster, more transparent, and less expensive for businesses is also being rolled out for the SME users in the U.S., the U.K., France, Germany, Italy, Netherlands and other regions of Europe & in Australia, Singapore, Hong Kong and Malaysia in Asia-Pacific.
The move comes ahead of the company’s plans to launch a forex card in next year which would allow travellers to efficiently convert their native currencies on the fly and pay for products and services while travelling internationally, instead of using inefficient credit cards.
- InstaReM is a Singapore-headquartered cross-border payments company, with presence across Asia-Pacific, North America and Europe. InstaReM has licenses in India, Singapore, Australia, Hong Kong, United States, Canada, Malaysia and Europe.
- InstaReM powers local payments to more than 55 countries and 3.21 billion people across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.
- InstaReM serves larger institutional and corporate clients with its MassPay product – an international business payments platform with bulk and customized payments facility, multi-currency payments and accounts and a host of other time and cost-efficient payment features.
- In March 2016, InstaReM successfully raised a US$5 million Series A round led by Vertex Ventures, with participation from Fullerton Financial Holdings and Global Founders Capital. In July 2017, InstaReM received another US$13 million investment Series B funding led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital. In November 2018, InstaReM raised US$ 20 million in the first-close of Series C round, led by MDI Ventures (VC arm of Indonesia’s Telkom) and Beacon Venture Capital (VC arm of Thailand’s KASIKORNBANK) and Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund.
- InstaReM is also a member of RippleNet, Ripple’s global network of banks and other financial institutions, and has recently bagged the Blockchain Innovator Award by Ripple, for its innovations in the payments space.