Thailand’s Kasikornbank has tapped remittance firm InstaReM to offer cross-border payments for its customers across select markets.
The names of the markets covered by the partnership were not disclosed.
KASIKORNBANK senior executive vice president Silawat Santivisat said that the expansion of its cross-border payment capabilities is in response to rising demand from its clients.
InstaReM co-founder and CEO Prajit Nanu said: “We are delighted to be working together with KBank to power their outward remittances.
“This relationship further cements InstaReM’s position as a leading provider for cross-border transactions.
“With InstaReM, KBank clients will be able to realise faster turnarounds, while providing certainty on delivery times and payout amounts.”
InstaReM already has tie-ups with three of the top 10 banks in Southeast Asia.
It has reach in more than 40 countries across Asia-Pacific, North America and Europe.
The latest alliance is said to strengthen the remittance firm’s position in the institutional payments space.
This March, InstaReM secured an additional $20m investment as part of its Series C funding round.
The funding takes the total capital raised by InstaReM till date to $59.5m.
In the same month, InstaReM collaborated with First Data to offer enhanced digital payment capabilities.
Earlier this year, InstaReM joined forces with Visa to facilitate international money transfers.