InstaRem Enables B2B payments into China from Europe and the UK
Digital money transfer provider InstaReM has announced it now enables businesses in the UK and European to make payments into China. The company says that the move will enhance the speed and efficiency of payments to Chinese businesses, which should support closer supplier relationships.
Making payments to companies in China has traditionally not been easy for UK and EU businesses. While B2C payments channels dominate the market, there remains a lag in the development of B2B payments solutions. By extending its ‘InstaReM for SMEs’ cross-border payments service to UK and European businesses importing from China, the company says that it is reiterating its commitment to the cause of SMEs by making cross-border payments as easy as local payments. The move is part of InstaReM’s service expansion and its mission to address how SMEs collect payments in multiple markets.
Prajit Nanu, co-founder and CEO of InstaReM, commented: “With trade getting increasingly globalised, businesses need to make payments to multiple stakeholders – suppliers, staff, freelancers etc. – spread across different parts of the globe. Unfortunately, cross-border B2B payments have been challenging, especially for the SMEs, due to the legacy infrastructure that entails multiple touchpoints – each one adding to the overall costs and time taken. Delays in payments means opportunity cost for businesses. Leveraging its digital money transfer platform, InstaReM is offering businesses in the UK and Europe a quick and easy way to make payments into China.”