1. Startups

Jack Inaugurates Presence, Promotes Ease of Company Financial Management

Previously called Transfez for Business, the B2B line of remittance startup Transfez

Startups fintech remittance 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, Co-Founder & CEO Jack and Transfez Edo Windratno explains 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.

"Which time, legacy players still requires its customers to come [to the branch office] to send money. From there we know there is insight for the eventual B2B launch 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 the retail sector 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, we also experience this issue. Then it is validated directly in the field until it is finally ready to make brand new 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 more fresh."

Edo also ensured that brand, Jack and Transfez are separate entities that are still under the same corporate entity. It's just the second focus brand it 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 one economic units healthy and 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.

CEO Jack and Transfez Edo Windratno / Jack

Jack provides a comprehensive range of financial solutions, including Corporate Cards, Reimbursement, Bill Payments, Local Transfers and International Transfers. This platform helps businesses solve the decentralization problems that arise from using different platforms and vendors, by offering a holistic solution to improve the quality of financial control based on data. real-time and centralized in the system.

With Jack, business owners and financial teams can have full control over company expenses, increasing employee accountability through a tracking system real-time, automate payments, cut transaction costs, and reduce team workload Finance. Equipped with grooves approval easy through the app mobile devices or portal, Jack helps each of his clients to be able to manage finances flexibly.

"What sets us apart is the integration between submission, approval to payment-New. Problemits been disintegrating financial software, some are using tools a, tools b, we can integrate it all. Flowcan be set and when available approval, funds can be directlydisperse."

Edo gave an example, for needs how muchTim Finance could onboard employees to take photos of past invoices Submit to platforms. After that, it will enter the process approval in the team Finance. Not only the team Finance Of course, but the system in Jack can be customized by the last person who gets it Approve for each submission.

More Coverage:

"When the last person appointed was Approve for how much, engine we can shoot to start the transfer. That's new for how much, there are still many other expenses that we will develop with features to cut team work time Finance."

It is claimed that within a few months after the launch of the beta version of Jack through the Transfez for Business platform, Jack's capabilities have been recognized by clients of various business scales, from SMEs, startups, to corporations, such as Visinema, Adhimix Precast Indonesia, Impactto, and Love Bonito.

Jack has helped clients cut the finance team's total working time by up to 7,800 hours, as well as save transaction and operational costs by up to 60% or a value of more than IDR 30 billion per year.

Because Jack's solution is sector agnostic, it means the company can reach all business verticals with 10-250 employees. It is hoped that in the future more and more corporate clients will be able to join. Similar solutions were also offered by players from Singapore, Aspire.

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