The new partnership aims to assist existing outbound remittance service offerings for both InstaReM and SBM users, including introduction of new remittance corridors, increased frequency of transactions for Outbound Transactions, and better delivery timings for transfers.
InstaReM will work closely with SBM Bank India as its licensed banking partner to provide international money transfers from India to an expanded list of markets, including new destinations such as Malaysia, and Hong Kong. According to the official press release, this adds on to existing corridors such as the US, Canada, Australia, Europe, and Singapore.
SBM Bank India will also be utilising InstaReM’s payment rails to provide outbound transfers for their users in India. Like InstaReM’s users, SBM Bank India’s customers will now be able to remit money to over 100 corridors that the payments solution is present in, 65 of which is in real-time.
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