InstaReM improves APAC cashflow with fintech solution

Singapore-based fintech InstaReM, which specialises in digital cross-border money transfers, has announced the expansion of its service to Australia.

Aimed to assist SMBs, the BizPay solut ion will utilise corporate card credit limits in order to generate working capital for businesses in need of cashflow to make payments. This could include rent, utility costs and other operational expenses.

InstaReM’s solution hopes to alleviate an enduring problem within Australia which has recently been made worse by the COVID-19 pandemic. It has been estimated that only 52% of SMBs seeking loans for cashflow purposes prior to the virus received approval.

Leveraging tech to solve financial problems

Seeking to mitigate the high transaction fees on card-based payments, BizPay provides an easy online platform which enables companies to fund supplier payments.

“Leveraging InstaReM’s existing remittance platform, businesses would only need to type the name of the beneficiary, the amount and currency of payment and charge the whole payment to their corporate card for funding,” said InstaReM in a press release.

As such, an enterprise will be able to gain granular control over its expenditure by removing the associated costs of other credit-based solutions, as well as dispensing with the need for beneficiaries to directly card-accepting or onboarded.

COVID-19: a test of resilience

Sanjiv Razdan, Global Head of Commercial Payments at Nium, the parent company of InstaReM (which is its consumer and SMB brand), commented that COVID-19 had become a test of corporate resilience, yet one which fintech innovators could prove their worth trying to solve.

“It has caused significant disruption to working capital cycles and intensified the legacy liquidity concerns of SMBs. In such a situation, a means to generate funds using available credit resources emerges as a promising solution for businesses. 

“With social distancing measures and travel lockdowns bringing business travel and entertainment to a standstill, BizPay gives companies a chance to utilise their existing card credit lines optimally, while also creating differentiated value for banks and financial institutions looking to generate usage of their credit cards.”