Instarem partners with First Data to enable card issuance
The partnership aims to combine Instarem’s digital payments and remittance solution with First Data’s debit processing solution. This will enable businesses and fintechs to issue cards to employees, vendors or consumers.
“Our partnership aims to address an ever-increasing problem for businesses that operate globally, which is, how to pay overseas suppliers, service providers and employees in a cost-effective and secure way whilst enabling the recipient to conveniently access the funds in their local currency – instantly,” says Prajit Nanu, co-founder and CEO of Instarem.
Instarem says it will be able to issue cards for cases such as travel and expense programmes 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, with rollout in Europe and Australia expected by the end of the year and then expanding globally.
“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,” says Ivo Distelbrink, First Data’s EVP, head of Asia-Pacific.
Recently, Instarem joined the global payments technology giant Visa’s Fintech fast-track programme, 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 the partnership with Visa, the two companies are working together to build new solutions for moving money to and from different countries.
In other First Data news, it was recently announced that US-based banking tech giant Fiserv was looking to acquire it.