The landscape of cross-border payments has traditionally been dominated by the banking sector. For a long time, a number of complexities, ranging from differences in regulatory requirements across markets, to the exclusive relationships built over time between trusted parties around the world, stood as barriers to entry, discouraging outsiders from exploring the space.
Over the years, however, the industry has undergone a seismic shift: Rapid technological change, along with the accelerating pace of mobile adoption across the world, among a host of other factors, laid the grounds for disruption. Since then, fast-growing technology startups have been claiming the turf, lowering the cost of doing business across borders and making it easier for both enterprises and customers to send and collect money.
At the center of this global payments race is InstaReM, a Singapore-based company, which has built a payment mesh stretching over 50 countries and counting. Recently, it closed a $41 million Series C to expand its operations and foray into new markets.
Driven by its mission to democratize payments across the world, InstaReM is committed to building a large and ubiquitous payments network, and offering its clients an easy and seamless digital experience.
To that end, rapid expansion into new markets and building a user-friendly onboarding process are crucial for a fast-growing payments company such as InstaReM. There are, however, a number of regulatory considerations that can stand in the way: Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements can differ from country to country. Similarly, there is a need to build a low-touch onboarding experience which doesn’t place too many demands on clients, yet helps InstaReM fulfill the aforementioned regulatory requirements across various markets.
As it happens, InstaReM found a solution that was ideally fitted to help it instantly verify clients and comply with various regulatory requirements in multiple markets around the world.