The new partnership will combine InstaReM’s digital payments and remittance solution with First Data’s debit processing solution.
InstaReM said that by leveraging First Data’s global presence and technology platform, InstaReM will be 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. Following the initial launch, InstaReM will launch the products in Europe and Australia by the end of the year and then expand globally.
Prajit Nanu, co-founder and Chief Executive Officer of InstaReM, said their partnership aims to address challenges for businesses that operate globally such as paying overseas suppliers or employees.
“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.
InstaReM just recently joined 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.