Based in Singapore, InstaReM is a cross-border payments company creating a unique payment network in Asia which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost payments overseas.
Founded in 2014, InstaReM powers local payments and international money transfers at mid-market FX rates to more than 55 countries, with a reach of 3.21 billion banked people globally. The company is licensed in Singapore, Hong Kong, Australia, Malaysia, India, Canada and US.
“Currencycloud has been InstaReM’s trusted vendor for the most critical function of our business. The implementation of Currencycloud’s payment platform saves time for us, as well as for our customers, by significantly reducing the number of erroneous transactions. With money being distributed on time, we have experienced steady growth in revenue as well. Ultimately, we’re able to realise our own goals of making overseas payments easy and transparent, with the help of Currencycloud.”
Prajit Nanu, CEO at InstaReM
From its inception, InstaReM set out to make international money transfers straightforward and cost-effective. Excessive paperwork and multiple touchpoints increase the overheads and the time taken for end-to-end transfers. The team at InstaReM, wanted to bring transparency to the otherwise obscure world of international money transfers, making the payments journey better for their customers.
When it came to establishing its own banking network, InstaReM faced many of the same challenges that its customers did. Slow and unreliable payment gateways meant that payments were received late, if at all. For the business which had set out to improve the experience customers had when transferring money internationally, this was a real problem.
InstaRem began to explore solutions that could remove the friction that its customers were facing which was why they turned to Currencycloud.
One platform, multiple countries
With a simple API integration, InstaReM was able to access Currencycloud’s payment platform to make cross-border payments to multiple countries in multiple locations. As a result, sending money to bank accounts anywhere in the world has become a seamless process, saving InstaReM time and resource.
Easy cross-border payments
Currencycloud’s payment platform allows InstaReM to automate the end-to-end payment process, enabling multiple payments to be made within minutes. Plus, InstaReM is now able to track the progress of payments, instead of dealing with multiple payment gateways – a huge step forward for the company’s goal to promote simplicity and transparency in the cross-border transfer process.
After a swift implementation process, the team at Currencycloud works in collaboration with InstaReM, providing a responsive service to help them create a frictionless experience for their customers.
Since partnering with Currencycloud, InstaReM has noticed a marked improvement in their delivery of a superior customer experience. All payments are now being completed on time, with fewer failed transactions. As a result, InstaReM has seen a drastic reduction in customer complaints, and transaction status requests. With happier customers and less time spent troubleshooting issues, the business is able to reallocate resources and focus on driving revenue.