InstaReM launches new fintech solution to help SMEs
InstaReM which is a consumer and SME brand under Nium, a cross-border payments company has launched a solution termed as BizPay for Singaporean SMEs which will help them improve their cashflows. Under this solution, it will utilize credit limits in corporate cards and convert them into working capital to help businesses make payments and pay for other utilities related to their business operations. Businesses will continue to enjoy commercial benefits that may be available on their corporate credit cards.
“In these unprecedented times that call for frugality like never before, the opportunity to maximise cash flow using resources that are already available is invaluable. Most companies in Singapore have an existing corporate credit card system that is used only for travel and expenses,” said Sanjiv Razdan, Global Head of Commercial Payments, Nium. “With lockdowns bringing travel and business entertainment to a standstill, BizPay gives businesses a chance to utilise their credit lines optimally, while also creating a differentiated value for banks and financial institutions looking to generate usage of their corporate credit cards”.
Under the BizPay solution platform, businesses can use their corporate cards as a funding source to pay suppliers. Using InsaReM remittance platform, businesses would need to type the name of the beneficiary, the amount and currency of payment and charge the whole payment to their corporate card for funding, the press release stated.