-InstaReM's BizPay converts existing card limits into working capital for 
businesses; creates differentiated value for banks looking to increase usage of 
credit cards

InstaReM (https://www.instarem.com/), the consumer and SMB brand under global 
fintech platform Nium (https://www.nium.com/) announced the launch of SMB 
fintech solution BizPay (https://www.instarem.com/en-au/bizpay)in Australia. 
BizPay utilises credit limits in corporate cards and converts them into working 
capital to help businesses make payments, including commercial rent, utilities 
or other supplier payments. The announcement comes shortly after the launch of 
BizPay in Singapore earlier in June.

SMBs often face challenges in securing loans or credits from banks or financial 
institutions. Even before the outbreak, only 52 percent of SMBs in 
Australia (https://www.americanexpress.com/en-au/business/trends-and-insights/ar
ticles/access-to-capital-is-challenging-for-small-business-in-australia-and-it-i
s-slowing-economic-growth/)managed to get the loan needed[1]. Delay in payments 
caused by COVID-19 has further exacerbated credit problems faced by SMBs. While 
businesses may look to card-based payments to extend payment terms, the high 
transaction fees and FX markup act as a deterrent for payers as well as 
beneficiaries. 

To help SMBs gain cashflows using existing credit lines, InstaReM has launched 
BizPay(https://www.instarem.com/en-au/bizpay), an online platform which enables 
businesses to use their corporate cards as a funding source for supplier 
payments. Leveraging InstaReM's existing remittance platform, business would 
only need to type the name of the beneficiary, the amount and currency of 
payment and charge the whole payment to their corporate card for funding. There 
is no need for the beneficiary to be directly card accepting or to be onboarded 
as part of the payment process. Businesses now gain full control of costs by 
eliminating fees and charges associated with other credit solution options.

"COVID-19 is proving to be a litmus test of resilience for businesses 
worldwide. It has caused significant disruption to working capital cycles and 
intensified the legacy liquidity concerns of SMBs. In such a situation, a means 
to generate funds using available credit resources emerges as a promising 
solution for businesses. Most companies in Australia would have an existing 
corporate credit card system from financial institutions that is used for 
travel and entertainment expenses. With social distancing measures and travel 
lockdowns bringing business travel and entertainment to a standstill, BizPay 
gives companies a chance to utilise their existing card credit lines optimally, 
while also creating a differentiated value for banks and financial institutions 
looking to generate usage of their credit cards," said Sanjiv Razdan, Global 
Head of Commercial Payments, Nium.

For more information about BizPay, please log on to: 
https://www.instarem.com/en-au/bizpay. For information about InstaReM's other 
SME offerings, please visit our refreshed website here: 
https://www.instarem.com/en-au/business. 

About Nium
Nium is a global financial technology platform redefining the way consumers and 
businesses send, spend and receive funds across borders. The company is 
continuously innovating to provide the most relevant and agile solutions to 
meet the needs of consumers and businesses, having evolved from solely focusing 
on consumer remittance via InstaReM, to also providing fintech solutions for 
businesses from 2019. Nium is regulated in Australia, Canada, European Union, 
Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and the United States 
of America, and processes billions of dollars a year for banks and payments 
institutions, the next generation of e-commerce players, OTAs and retail users 
across the world. Nium's investors include Visa, BRI Ventures, Vertex Ventures, 
Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, 
Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance 
Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.

Media Contact
Gillian Loo
Gillian.loo@nium.com 
+65 9863 8120

Source: InstaReM