Singapore-based cross-border money transfer services provider InstaReM has introduced its card-issuing platform.
The API-based digital platform will enable the fintechs and enterprises to launch their own branded cards. It is developed to offer digital payments and cards as a B2B solution.
The platform will also enable clients to make use of InstaReM’s global digital ecosystem for payments and remittance.
It eliminates the need to secure several local licences by the companies, before issuing payment cards to its employees.
InstaReM co-founder and CEO Prajit Nanu said: “We strongly believe anyone – whether a start-up or a large corporate – who wants to have its own branded cards program, should be able to do so. InstaReM is there to offer the necessary infrastructure.
“Our card-issuing platform is flexible, scalable and designed to support the ambitions of our enterprise partners, especially in the Fintech sector.
“And it’s quick to get started. It’s possible for businesses to start issuing payment cards in as little as four to six weeks once they register with us.”
The cards, issued through InstaReM platform, will be available in virtual and physical (plastic) form. Individual consumers can use the cards as a multi-currency travel card and collect and redeem loyalty points.
They can also apply spending control on the cards to better manage their finances.
Business users can use cards for business-related expenses as well as for payouts to their employees and vendors among others.
Additionally, the business can achieve better control over creating, distributing and managing card accounts through a simple API-integration.