Indonesia-based remittance startup Transfez introduced a new product called Jack, a service that focuses on providing a comprehensive financial management platform for finance teams in corporations.

Jack and Transfez Co-Founder & CEO Edo Windratno told DailySocial that the idea started off just as Transfez began operating. The company learned that many of its users came from the MSME segment, using its solutions to pay invoices from overseas vendors.

“Those days, legacy players in the market required customers to visit branch offices to do remittance. That was how we learned that there is a demand to launch Transfez for Business to help corporates with the remittance, says Windratno.

As time went by, the startup also learned that remittance was only a small chunk of the financial management problems that corporations faced. Apart from that, when it comes to the remittance business, Indonesia is still considered a “recipient country” instead of a “sender country”. This is related to the high number of Indonesian migrant workers living abroad and sending money to their families at home.

This was why, in order for remittance businesses to grow, they needed to expand into the B2B segment–an issue that Transfez also dealt with.

The company then validated the question in the field until it had enough conviction to set up a separate brand entity. It ended with the launch of Transfez for Business nine months ago.

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“There is already a significant difference between Jack and Transfez for Business in terms of the features they offer. Apart from that, Transfez is also known as a remittance brand. This is why we used Jack for a fresh start.”

Windratno stresses that as a brand, Jack and Transfez are two separate entities under one corporate entity. These two brands have different focuses. Transfez focuses on overseas remittance for retailers, while Jack focuses on registered corporations with a more complex solution.

In terms of milestones, Transfez claimed to have achieved profitability due to its health unit economics and ability to acquire users organically. Its users consist mostly of expatriate, students and their parents, and import companies.

Let’s talk about Jack

Windratno further explains that Jack was developed as a response to the various challenges faced by corporations in Indonesia, including limited access to corporate credit cards and inefficient finance procedures. By using AI technology, Jack aims to revolute the financial process and increase productivity by 10 times, without neglecting the privacy and data security aspects.

Jack provides comprehensive financial solutions that include Corporate Cards, Reimbursement, Bill Payment, Local Transfer, and International Transfers. The platform helps businesses solve the problem of decentralisation as a result of using services from different platforms and vendors by offering a holistic solution to improve quality control based on real-time data and a decentralised system.

With Jack, business owners and finance teams have full control of company expenses, increasing accountability through a real-time tracking system, automated payments, cutting down transaction fees, and freeing the workload of the finance team. This is completed with a workflow that is accessible through a mobile app, helping users to manage their finance in a flexible manner.

“What sets us apart is the integration between submission, approval, and payment process. We are tackling the existing problem of financial software disintegration … the flow is more manageable, and the platform will disburse the fund as soon as there is approval.”

Windratno explains that to reimburse bills, the finance team only needs to ask employees to take pictures of the invoices and submit to the platform for approval. The Jack system is also customisable, allowing approval for every submission.

“When the last person that has been appointed has been approved to reimburse, our engine can start the transfer process. There are also other features that we are developing to help cut down the finance team’s workload.”

Since the launch of its beta platform through the Transfez for Business, Jack has received positive responses from various clients, from Visinema, Adhimix Precast Indonesia, Impactto, to Love, Bonito.

It has helped clients to cut work time down to 7,800 hours and cut down transaction fees by 60 per cent at around IDR30 billion annually.

The Jack solution is also sector-agnostic, meaning that it is suitable for companies in every business vertical with 10-250 employees. The company expects to onboard more clients in the future.

A similar solution is offered by Singapore-based startup Aspire.

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This article was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation by e27.

Image Credit: Jack

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