InstaReM says it is introducing a new feature to its money transfer platform that improves payments from SMEs. The company states that users in Southeast Asia making regular overseas payments to vendors, suppliers, and service providers, can now do so more quickly, transparently and at Zero-Margin FX Rates with the platform. Previously, SMEs had to set up individual transactions for each payment and execute each one at a time. Now users may configure multiple transactions in one fell swoop and send them all with a single click of a button.
InstaReM’s multi-currency feature enablers recipients in different countries to receive payments in their local bank accounts in native currencies. The transfer process takes less than day.
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 interviews, 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 is being rolled out to users in Singapore, Australia, Hong Kong, Malaysia in Asia-Pacific, the U.K., France, Germany, Italy, Netherlands and other regions of Europe, and the U.S.
InstaReM adds that it plans to issue a “forex card” in the next year which would allow overseas travelers to 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 Fintech 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 is also a member of Ripple’s global network of banks and other financial institutions.