MatchMove, the leading Singapore-based ‘Banking-as-a-Service’ platform, today announced the launch of its new remittance platform, RemitSend by MatchMove, to enable seamless and cost-efficient, cross-border Business to Business (B2B) remittances for businesses of all sizes. By offering a Software-as-a-Service (SaaS) based subscription pricing model, MatchMove enables SME’s in Singapore save up to 80 per cent of their costs when compared to charges currently levied by most banks.
RemitSend by MatchMove aims to provide safe and cost-effective solutions to address current challenges that Small to Medium Enterprises (SMEs) face with cross-border remittances including high costs, complicated fees and lengthy transaction processes. The platform provides companies faster access to data, transparent transactions and most importantly, reasonable fees starting as low as S$8.90 per remittance, with no hidden charges or volume pricing. The price is fixed regardless of the amount being sent. Businesses can now remit to five countries, with more corridors on the way.
Covid-19 has accelerated the need for firms to adopt digital tools, one of them being remittance. By 2025, revenue from digital remittance is estimated to hit US$28 Billion, according to a recent Google, Temasek, Bain & Company report. Current trends suggest that there is already significant demand for cross-border retail and B2B payments will continue to grow in the near future.
Commenting on the launch of the new service, Amar Abrol, Chief Commercial Officer of MatchMove said, “We are excited to launch RemitSend by MatchMove, after months of extensive research and speaking to various groups of SMEs. We do understand the challenges and high costs faced by SMEs as they remit across markets. Here at MatchMove, we are committed to meet the existing and evolving needs of SMEs holistically. We see that opportunity in RemitSend by MatchMove to help firms better digitise their remittance capabilities and bring them forward in their digital transformation journey.”
RemitSend by MatchMove is the only platform in the remittance industry to introduce a unique, affordable pricing model targeted towards businesses and offers a fixed fee per transaction, unlike banks. The innovative subscription-based pricing model offers firms transparency and freedom from fluctuating rates and hidden charges. Currently, most banks have complicated charges that increase substantially according to the amount being sent. With RemitSend, companies will have a predictable, transparent and low pricing each time they remit.
MatchMove has already started piloting RemitSend amongst select clients and has received positive feedback. “At Spenmo, we use RemitSend to help our customers get transparent rates for their overseas business transfers. In particular, with their flat transaction fee, we are able to save money for our customers as compared to bank rates which tend to be higher and more volatile,” said Mohandass Kalaichelvan, Founder and CEO of Spenmo.
True to MatchMove’s business model, the RemitSend technology and the infrastructure can be extended to other business partners for deep integration. This agility and versatility of RemitSend by MatchMove places it ahead of its competitors such as banks.