December 2018: InstaReM, Southeast Asia’s leading money transfer service, has introduced a new feature to its platform that enables Small and medium Business (SMB) users to make payments in multiple currencies in one go.
Businesses in the U.K. 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, 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 transfer to various 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 of InstaReM’s multi-currency feature, a business user in Australia needs to set up transfers to multiple recipients in Australian dollars. InstaReM affects 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 transfer is rapid – within 24 hours.
Prajit Nanu, co-founder and CEO of InstaReM, said that the company had introduced the new feature based upon the outcome of a focus group study with business clients of InstaReM and non-clients.
“In our interviews, we realized that there are many Small and Medium Businesses that 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 SME users in the U.K., the U.S., France, Germany, Italy, the Netherlands, and other regions of Europe, and Australia, Singapore, Hong Kong, Malaysia in Asia-Pacific.
The move comes ahead of the company’s plans to launch a forex card next year, allowing Australians to efficiently convert their Australian dollars on the fly and pay for products and services while traveling internationally instead of using inefficient credit cards.
To find out more about this new feature, visit https://www.instarem.com/business.
NOTES TO EDITORS
About InstaReM:
- InstaReM is a Singapore-headquartered cross-border payments company with a presence across Asia-Pacific, North America, and Europe. InstaReM has licenses in India, Singapore, Australia, Hong Kong, the 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 Asian payment mesh, 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 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 the Series C round, led by MDI Ventures (V.C. arm of Indonesia’s Telkom) and Beacon Venture Capital (V.C. 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. It has recently bagged the Blockchain Innovator Award by Ripple for its innovations in the payments space.
To read more about InstaReM, please visit https://www.instarem.com/.
Twitter: @InstaReMit
Facebook: @InstaReMit
