InstaReM partners with First Data for digital payments and card issuance
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SINGAPORE/LONDON, MARCH 21, 2019 – InstaReM, a Singapore-headquartered Fintech company that offers faster and cost-effective digital cross-border payment solutions for individuals and businesses across 55+ countries, has announced a partnership with First Data (NYSE: FDC), a global leader in commerce-enabling technology and solutions.
The partnership, combining InstaReM’s digital payments and remittance solution with First Data’s debit processing solution, delivers a powerful proposition for businesses like corporates and Fintechs with a need to issue cards to employees, vendors or consumers.
“Our partnership aims to address an ever-increasing problem for businesses that operate globally, which is, how to pay overseas suppliers, service providers and employees in a cost-effective and secure way whilst enabling the recipient to conveniently access the funds in their local currency – instantly.” said Prajit Nanu, co-founder and Chief Executive Officer of InstaReM.
Leveraging First Data’s global presence and robust and flexible technology platform, InstaReM is able to issue cards for a number of use cases, such as travel and expense programs with set limitations, vendor or supplier payments, payroll for employees, and much more. The solution will be launched in Singapore in the next few months with rollout in Europe and Australia expected by the end of the year and then expanding globally.
“With First Data’s First Vision API-enabled technology solution and InstaReM’s ability to issue cards, together we can rapidly bring to market a cost-effective, secure and convenient solution to support multi-currency debit wallets for corporates and consumers,” said Ivo Distelbrink, First Data’s EVP, Head of Asia-Pacific.
Recently, InstaReM joined the global payments technology giant Visa’s Fintech fast-track program, which makes it quicker and easier for Visa’s partners in the Asia Pacific region to build and deliver new commerce experiences on Visa’s payments network. As part of partnership with Visa, the two companies are working together to build new solutions for moving money to and from different countries in fast, convenient ways that provide users with seamless digital payments and money transfer experiences.
The First Data and Visa partnerships allow InstaReM not only to solve the payout problem domestically and internationally, but also enables it to provide an end-to-end solution for enterprise customers and consumers.
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InstaReM is a Singapore-headquartered digital cross-border payments company with presence across Asia-Pacific, North America and Europe. The only digital cross-border payment company from Asia covering 40+ countries, InstaReM has created a unique payments mesh which is being leveraged by financial institutions, SMEs and individuals to make fast, low-cost cross-border payments to more than 55+ countries. InstaReM also serves institutional and corporate clients with its international business payments platform providing bulk, customized, multi-currency payments facilities. The fintech is a member of RippleNet, Ripple’s global network of 200+ banks and other financial institutions. Recently, InstaReM became a Principal member of Visa Inc. for issuance of cards in Singapore, Europe and Australia. Since starting operations in 2015, InstaReM has raised US$ 59.5 million in three rounds of funding. Its investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund and Atinum Investment. For more information, visit https://www.instarem.com/
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and more than 3,700 financial institutions in more than 100 countries around the world. The Company’s 19,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.6 trillion per year.