Flip Expands Market Reach, Presents Remittance Features for B2B
Sending money from within the country to abroad and vice versa has become a common activity for some customers. With the rapid pace of financial transfer activities, many financial companies have created various services that facilitate financial transactions, namely remittance services.
Startups offering the Flip interbank transfer service are now adding a remittance feature to their B2B solution Flip for Business. Through this feature, companies can send money to up to 1,000 overseas accounts at once at a more competitive cost, both to personal and business accounts in real-time.
This service, which has been available since January 2022, can be used by entrepreneurs to make transfers to partners or suppliers who are abroad at once.
Flip itself has received a license from Bank Indonesia to run the International Transfer feature. There are no hidden fees charged on every transaction, and the remittance rate is also made more competitive with other players.
Currently, the International Transfer Flip for Business service can serve several countries, namely Singapore, Malaysia, Thailand, Japan, UK, Australia, and Germany.
These countries are the countries most in-demand by business people in Indonesia. However, in the future, Flip will seek to expand the scope of this service not limited to these 7 countries.
This service is also a manifestation of Flip’s efforts to facilitate and support the smooth flow of money transfers between countries, especially from Indonesia to abroad.
Previously Had a Flip Globe Service
Previously, Flip did have an International Transfer service called Flip Globe. Individuals or entrepreneurs can use this service to send money to 48 countries.
“Flip hopes to continue to help more companies and business owners in Indonesia through B2B financial solutions, both for domestic and overseas money transfers and payment receipts. Through this initiative, we hope to be able to assist financial transactions in all segments according to our tagline, #FlipBuatSemua.” Henry explained.
Flip announced the rebrand of their B2B solution from Big Flip to Flip for Business earlier this year. The change was also supported by strengthening financial transaction automation solutions powered by cutting-edge technology, such as dashboards for no-code solutions, API for seamless integration, features such as verification and idempotency keys.
There are three excellent features offered by Flip which are Money Transfer that allows users to send funds to up to 20 thousand bank accounts in a few clicks. Accept Payment that provides seamless and acceptable payments for corporate clients in real-time.
Lastly, International Transfer which can save up to 50% transfer fees to seven countries. During its approximately 7 years of operation, Flip’s B2B solution has grown significantly amidst the increasing adoption of the technology.
This service has been used by hundreds of companies and SMEs (Small and Medium Enterprises) in Indonesia, also serves more than seven million users to process various types of financial transactions to and from various regions in the country as well as for remittances abroad.
Remittance Service for B2B
The remittance market, both in terms of business and users, is still highly fragmented in Indonesia. In fact, this service is provided by almost all banks in the country. Most of the users of this service are migrant workers or students who are abroad.
Bank Indonesia (BI) noted that remittances (remittances) from Indonesian workers (TKI) abroad amounted to US$ 2.28 billion or equivalent to IDR 33 trillion (exchange rate of IDR 14,496/US$) in the second quarter of 2021.
This value increased by 0.75% compared to the first quarter of 2021 which was US$ 2.26 billion (month to month/m-to-m). In addition, the micro, small and medium enterprise (MSME) sector in Indonesia is currently growing.
Using technology vehicles and digital transformation, business people are now able to market their products overseas. Seeing this, of course, the opportunity for applications that offer remittance services for this business is getting bigger.