Flip Launches "Big Flip", Facilitates Mass Fund Transfer Business

Flip, one of the visionary startups in the financial technology sector, managed to record a 100-fold growth in transaction value. This growth is calculated since 2016 when the company initially obtained a license from Bank Indonesia.

They already have more than 600 thousand registered users. Appearance Android applications in February 2017 boosted the number of users and their transactions.

The solution offered by Flip does look simple, but its presence is considered quite helpful for many users. They come up with a solution to cut the cost of transferring funds between banks.

Several new banks are also being explored to be able to build more integration. This strategy is quite successful in attracting more users and making loyal users feel at home.

"As a company pioneer fintech already licensed by Bank Indonesia, Flip tends to be easier to work with companies fintech others who need a reliable, easy, and cost-effective money transfer integration. The form of cooperation is usually through disbursement from digital wallets, profit-sharing payments to investors, and sending money through a network of agents," explained Flip Business Development Head Siti Nursari Ismarini.

On the way to develop your business Flip not without challenges, there are a few things the Flip team has to deal with in order to keep growing. One of them is in getting competent talent in the field of product and development.

Big Flip as a solution for business

In addition to shipping solutions for casual users, Flip also has Big Flip aimed at business users. This service was first launched in March 2017.

What distinguishes it from the regular Flip, Big Flip is able to make instant deliveries real-time to 84 banks throughout Indonesia. Besides that, it can also accommodate batch upload via CSV up to 20.000 destinations at a time for automatic transfers to multiple accounts via Host-to-Host API integration.

"While regular Flip is more focused on helping individuals make money transfer transactions for personal needs, Big Flip is more focused on helping businesses carry out financial operations such as payroll, payments to businesses business or to refund ke customer, "explained the co-founder of Flip Rafi Putra Arriyan.

Flip is now officially licensed remittances from Bank Indonesia so that it can assist foreign or local remittance operators who wish to send money to a bank account in Indonesia.

So far Big Flip already has 400 active users from startups, SMEs, and corporations. This number is predicted by Flip to continue to grow, seeing the trend so far. Several active Big Flip users so far are Tokopedia, Tiket.com, and Ruangguru.

Focus and next target

To maintain and boost the pace of business growth, Flip is focusing on developing strategic partnerships with major banks and fund transfer services. They are also currently focusing on developing an internal infrastructure system to accommodate a larger transaction capacity next year.

As for Big Flip, they are currently focusing on developing product features as needed and improving awareness regarding the product.

"The target for this year is the addition of cooperation with new banks, currently we are voting for new banks at flip.id/voting. Launch features remittance services abroad and improves Flip's performance so that it can meet the expectations of Flip and Big Flip users," concluded Rafi.