How Instarem Makes Payments In Just Seconds

Insider
26 Sep 2019
2 mins read
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    Our updated intelligent payments routing platform was implemented in April 2019 with the aim of making international payments even faster. It has a configurable rules engine which determines the optimum route for a payment to be delivered in real-time via a partner based on time and cost delivery considerations.  

    Its intelligent automated routing means it can try different partners in a corridor in the event a particular partner is unable to deliver the payment. This ensures payment is delivered straight-through and in the most efficient way possible. We’ve also removed manual touchpoints to speed up the process. 

    Since being introduced, according to timings captured from our payment processor, a typical month saw 63,778 payments made in 0-10 seconds, with a further 36,198 payments made in under a minute. That’s a total of nearly 100,000 payments made in less than 60 seconds. 

    No. Of Payments Time Taken To Transfer 
    63,778 0-10 seconds 
    36,198 10 seconds-1 minute 
    14,874 1-3 minutes 
    24,329 3-10 minutes 
    25,845 10 minutes-2 hours 
    37,274 Same Day Transfers 
    4,985 Next-Day Transfers 

    To put this into context, with our previous payment processor, no payments were made inside a minute. Taking data from a typical week in before our latest technology was introduced – against data from a typical week since – the difference is clear to see. 

    Since our new payment processor was implemented, in the space of a typical week we were able to make 13,674 payments within 3 minutes – that compares with just 11 payments made in a typical week beforehand.

    Transfer Time Upgraded Payment Processor  Previous Payment Processor  
    10 seconds-1 minute 1,504 0 
    1-3 minutes 12,173 11 
    3-10 minutes 8,177 172 
    10 minutes -2 hours 7,016 3,141 
    Same Day 28,175 29,462 
    Next Day 28,590 25,806 

    The new system is more resilient since – depending on the error – it tries to process failed payments through multiple partners before returning the payment to a manual operations queue.  

    If partner systems go down, it adapts its decision-making to not send any traffic to a partner system that is currently down. Once the partner system recovers, our platform recognises this and starts sending payments again. The completely automated and self-healing system can handle failures that happen from time to time. 

    If you’d like to find out more about our fast payments platform or want to see how we can help your business, get in touch by emailin[email protected] 

     

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    About Instarem

    Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.

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