Southeast Asian FinTech InstaReM, which specializes in digital cross-border money transfers and payments, has announced a new API-based digital platform that will enable startups, FinTech companies and enterprises to launch their own branded cards.
Using the global digital ecosystem for payments and remittance that InstaReM has already constructed, the new platform is designed to make it easy to issue branded cards without needing to obtain multiple local licenses. The cards are also designed to allow consumers to accrue (and use) loyalty points, or leverage them as multi-currency travel cards, or to be issued as virtual cards. On the enterprise side of things, according to InstaReM's release on the new platform, the card is designed to be used for business-related travel & expenses, payroll, and payouts and disbursement to their employees and vendors.
To further take friction out of the process of issuing, the system is API-based so that issuers can have more control over the creation, distribution and management of their card accounts. Spending controls can be put into place, P2P transfers can be enabled and on-boarding is meant to be easy, simple and fast.
“We strongly believe any company — whether a startup or a large corporate — that wants to have its own branded cards program should be able to do so. InstaReM is there to offer the necessary infrastructural and administrative support. 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," Prajit Nanu, co-founder and CEO of InstaReM, noted.
The goal of the launch, according to InstaRem, is the further democratization of payments globally.