Singapore-based cross-border payments provider InstaReM has unveiled a new service to help small and medium enterprises (SMEs) in Singapore improve their cash flow.
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.
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Businesses can continue to enjoy benefits like membership rewards or cash rebates available on their corporate credit cards while using the new service to avail the credit.
BizPay 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.
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By GlobalDataNium global head of commercial payments Sanjiv Razdan said: “Most companies in Singapore have an existing corporate credit card system that is used only for travel and expenses.
“BizPay gives businesses a chance to utilise their credit lines optimally, while also creating differentiated value for banks and financial institutions looking to generate usage of their corporate credit cards.
“Once a business includes their corporate credit card as a payment source on BizPay platform, payments can be made to any corporate entity as a beneficiary in multiple currencies at very affordable and competitive pricing.”
