InstaReM, part of Nium, has partnered with SBM Bank India on outbound remittances from India. InstaReM says it will work closely with SBM Bank India as its licensed banking partner to facilitate international money transfers from India.
As shared in a release, SBM Bank India will also use InstaReM’s payment rails to facilitate outbound transfers for its users in India. SBM Bank India’s customers will now be able to remit money to over 100 corridors that InstaReM is present in, 65 of which are said to be in real-time.
InstaReM states that the new partnership will lead to an improvement in existing outbound remittance service offerings for both InstaReM and SBM users.
InstaReM notes that India is traditionally known to be the top receiver of remittances, and the country has experienced an increase in the amount of funds being sent abroad after the revision to the limits of the Liberalised Remittance Scheme (LRS) in 2015. In 2018-2019 the amount of outflow funds stood at approximately USD $ 14 billion.
“We have seen an increase in demand from consumers in India to send funds overseas, and I am excited to be working with SBM Bank India to facilitate this. InstaReM was started with the aim of making remittance a fuss-free, convenient and transparent process for all, and this partnership with SBM Bank India to not only improve InstaReM’s own outbound remittance service offering in India, but also that of our partner bank SBM Bank India is a testament of our ongoing commitment,” said Yogesh Sangle, Global Head of Consumer and SME Business, Nium.
