Remittance fintech startup Transfez introduces a new product that is different from before. Named "Jack", this service focuses on being a comprehensive financial management platform to help finance teams in companies.
To DailySocial.id, Jack and Transfez Co-Founder & CEO Edo Windratno explained that Jack's initial initiative started after Transfez was operational. Data found that some of the users came from the MSME community. They use remittance solutions to pay bills to vendors abroad.
"At that time, legacy players still required their customers to come [to branch offices] to send money. From there we know there is insight for B2B which eventually launched Transfez for Business to help corporations transfer money," said Edo.
Over time, it was found that money transfers were one of the few financial problems faced by corporations. What's more, in Indonesia, the remittance business in retail circles is classified as receiving countries, not sending countries, considering that many Indonesian workers work abroad and send money to their families back home.
In other words, to encourage remittances to grow more exponentially, they must enter the B2B segment.
Transfez as a company in general also experiences this issue. Then it was validated directly in the field until it was finally established to create a new brand separately. Transfez for Business itself is a product that was only nine months ago presented by the company.
"Jack and Transfez for Business are very much different [in terms of features]. Meanwhile, Transfez is already known as a remittance brand, in the end we used Jack to make it fresher."
Edo also ensured that as a brand, Jack and Transfez are separate entities that are still within the same corporate entity. However, the focus of the two brands is different. Transfez focuses on cross-border transfer services for retail circles, while Jack helps corporate consumers who are already incorporated with more complex solutions.
Regarding Transfez's achievements so far, it is stated that this line has made a profit because it already has a healthy economic unit and is able to acquire users organically. It is claimed that the growth in the number of transactions has increased 6.2 times per year. Its user profiles come from expatriates, students, parents, and importer entrepreneurs.
Jack's product
Explained further, Jack was developed in response to various financial challenges faced by businesses in Indonesia, such as limited access to corporate credit cards and inefficient financial procedures. Harnessing the power of cutting-edge AI technology, Jack revolutionized the financial process and increased productivity up to ten times while paying attention to the level of data privacy and security.