Singapore-based cross-border payments provider InstaReM has launched its cashflow solution to help small businesses (SMBs) in Australia.
Dubbed BizPay, the online platform converts existing corporate credit card limits into working capital to help businesses make payments for rent, utilities, supplier payments and more.
It leverages InstaReM’s existing remittance platform for cash flow conversion.
Businesses only need to type the beneficiary’s name and the amount and currency of payment. The beneficiary need not be onboarded as part of this payment process.
InstaReM is the consumer and SME brand under the global fintech platform Nium.
Nium global head of commercial payments Sanjiv Razdan said: “Most companies in Australia would have an existing corporate credit card system from financial institutions that are used for travel and entertainment expenses.
“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.”
BizPay enables businesses to gain full control of their costs and at the same time avoid using other credit lines that are associated with fees and charges.
Last month, InstaReM launched the new cashflow solution for SMBs in Singapore.