1. Startups

Strengthening Business Lines, Flip Introduces "Flip for Business" Service

Previously called "Big Flip" and has been around since 2017; strengthened features not only for disbursement only

Flip, a startup provider of interbank payments and fund transfer platforms, announced rebranding B2B line “Big Flip” to “Flip for Business”. Changes are also supported by strengthening financial transaction automation solutions, including money transfers, payment receipts, and international transfers.

Actually this B2B line has been released since March 2017. At that time, Big Flip was still focused on helping businesses carry out business operations, such as payroll, payments to business partners, and business partners refund to consumers. As time goes on, the needs of B2B consumers are increasing, so Flip needs to do various further developments.

In a virtual press conference held today (22/2), Flip Marketing Head Andri Rahmad Wijaya said, rebranding This is not only symbolic, but it brings enthusiasm for companies to strengthen the B2B solution ecosystem. This is because financial solutions are not only needed by technology companies, but also companies whose business processes are still conventional.

“We believe Flip can be a reliable solution because we provide a seamless solution that can help business partners improve the experience for their customers so much more effectively. It is even claimed that this solution is four times faster than conventional solutions,” he said.

Flip for Business is now powered by cutting-edge technology, such as dashboard for no-code solutions, APIs for seamless integration, advanced features such as verification and idempotency key. There are three excellent features offered, namely Money Transfer, which allows partners to send funds to up to 20 thousand bank accounts in a few clicks.

Then, Accept Payment which provides seamless and acceptable payments for client company consumers real-time. Finally, International Transfer which can save up to 50% transfer fees to five countries. In supporting these features, the company provides 24/7 customer service, flexibility in limits, options top-up, and transactions outside office hours.

Efficiency of business payment system

Citing global research firm Censuswide and global payment automation platform Tipalti, we found that an average of 520 hours per year of finance teams wasted on jobs that could easily be automated through technology, such as payments and verification.

These findings resonate with the CFO Indicator Survey 2021 survey published by Workday. This research concludes that 17% of the time of the finance team in the company is spent on strategic activities and 50% of the time of financial workers is spent on transaction processing.

VP Enterprise Growth & Business Development of Flip Henri Halim said, before using Flip, business owners claimed to be burdened by manual processes for time-consuming routine or repetitive financial transactions, expensive transfer fees, and the large volume of failed transactions due to small mistakes, and business transaction tools that are difficult to integrate and customize.

“The time and energy spent on processing financial transactions grows like a cancer in the company's body. Without us realizing it, the bigger the company, the greater the wasted productivity. Flip answers this problem by presenting an efficient and reliable transaction automation solution through Flip for Business," he said.

Although he did not explain the specifics of his business development, Henri said that B2B solutions have grown significantly and have been utilized by many companies, both technology and non-technology companies. Hence, in the future the company will be more active in attracting more business users from multi-sectors.

“We want to help businesses from all walks of life because the need for this transfer cannot be separated from any business [sector]. We can provide a conventional business with a dashboard to help efficiency, while we will still target technology companies because we can support with APIs."

B2B Flip Monetization

In doing monetization, there are two things companies do. Henri explained, basically Flip for Business looks at how Flip helps B2B transfers. During the transfer, Flip can save from the Flip side as a source of funds, to push to make the transfer.

"From there it is a monetization journey. Second, from the platform side. After the monetization journey occurs during the transfer, our platform is a monetization platform because it helps tostreamline all these processes and reconciliations. We combined the two monetization journeys for how Flip can grow the business from Flip for Business."

Digital transaction potential

More Coverage:

Flip's closest player, OY! also has a B2B line OY! Businesses targeting business owners from small to large scale enterprise. The solution provided is also not much different, which functions to help businesses receive payments from customers and send money to thousands of accounts at once (disbursement).

The potential for digital transactions continues to increase. According to data Bank Indonesia, transaction value digital banking last year reached Rp39.841 trillion or grew 45,64% yoy. This figure is projected to grow 24,83% to Rp49.733 trillion this year.

The value of electronic money transactions was recorded to grow 49,06% to reach Rp305 trillion in 2021 and is projected to increase by 17,13%. The central bank stated that digital economic and financial transactions during 2021 are growing rapidly in line with the increasing acceptance and preference of the public in online shopping, the expansion and convenience of digital payment systems, as well as the acceleration of digital banking.

This trend will continue in line with the central bank's efforts to accelerate the digitalization of the payment system to promote economic recovery, in the form of expanding the use of QRIS, acceptance of BI-FAST, and many others.

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