Singaporean cross-border payments firm InstaReM has added the new multi-currency feature to its remittance platform, which will enable SMEs to make payments in multiple currencies at once.
In order to avail the functionality, businesses are required to set up transfers to multiple recipients in their native currency.
The money transfer process is completed within a day at Zero-Margin FX rates.
The feature is available in Singapore, Australia, Hong Kong, Malaysia, UK, France, Germany, Italy, Netherlands and US, among others.
The addition of the new functionality is said to have been triggered by the result of a focus group study. The study engaged InstaReM’s business clients along with non-clients.
InstaReM co-founder and CEO Prajit Nanu said: “In our interviews, we realised 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.”
Last month, InstaReM secured over $20m in a Series C funding round led by MDI Ventures and Beacon Venture Capital fund. The payments firm plans to expand the Series C to $45m by January 2019.
Moreover, the company intends to issue a forex card next year. The product will be designed to enable customers travelling overseas convert their local currencies on the fly and make payments abroad.