Singapore-based MatchMove has introduced a new platform that will enable firms to send cross-border Business to Business (B2B) remittances.

The new platform, dubbed RemitSend by MatchMove, can be used by firms of all sizes for international business payments.

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The platform is launched at a time when Covid-19 pandemic has accelerated the use of digital tools for making payments.

MatchMove noted that the remittance platform offers swift access to data and increases transaction transparency. It is also expected to help the SMEs reduce remittance costs by up to 80%.

Currently, the businesses can use RemitSend by MatchMove for payments to five countries.

MatchMove chief commercial officer Amar Abrol said: “We are excited to launch RemitSend by MatchMove, after months of extensive research and speaking to various groups of SMEs.

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“We do understand the challenges and high costs faced by SMEs as they remit across markets. Here at MatchMove, we are committed to meet the existing and evolving needs of SMEs holistically.

“We see that opportunity in RemitSend by MatchMove to help firms better digitise their remittance capabilities and bring them forward in their digital transformation journey.”

The company has already piloted the RemitSend by MatchMove with select companies including a local financial institution Spenmo.

Spenmo founder and CEO Mohandass Kalaichelvan said: “At Spenmo, we use RemitSend to help our customers get transparent rates for their overseas business transfers.

“In particular, with their flat transaction fee, we are able to save money for our customers as compared to bank rates which tend to be higher and more volatile.”