Nium expands its payroll payments solution

In addition to an extended network and currency coverage in Canada, Africa, the Middle East, Latin America, and Asia Pacific, this product has been upgraded with the following additional features:

Foreign Exchange (FX) Transparency: enables end-to-end FX control, including transparent costs with a single clear FX markup and a single modest per-transaction charge to aid in cost management at scale. Clients may use this to plan bulk conversions for convenience and control, lock FX rates to mitigate currency fluctuations, and customise costs at the customer level for flexibility;

Beneficiary Pre-screening and Payee Confirmation: reduces potential refunds with verified payee information while keeping the payment process simple and seamless;

Scheduled Payouts: allows clients to make payments to their employees on a specific date. It gives their clients' employees certainty about when they may expect to receive their wage payments;

Direct Debit in the US, the UK, and the European Union: allows platform clients to transfer funds from their customers' primary bank accounts into their Nium wallet to finance payroll payouts, improving cash flows, and reducing friction.

The potential of the payroll market

According to Allied Market Research, the worldwide payroll outsourcing industry was worth USD 9.9 billion in 2021. The market is predicted to reach USD 19.5 billion by 2031, making it one of the world's largest and fastest-growing payment possibilities.

The necessity to employ on a large scale across borders is quickly becoming a major source of competitiveness for businesses. However, adding remote workers increases the expense and complexity of payroll processes, which are made easier by the expanding number of third-party payroll solutions. In particular, 80% of businesses say that accurate foreign currency rates are critical for payroll providers. Nium's clients can have more financial control by making its fees transparent.

Each country has distinct requirements, such as tax laws, employment legislation, and data privacy laws, which complicate the compliance process, and payroll systems help with this. Platforms don't have to worry about the technical and regulatory challenges of sending money around the world knowing that their employees will have access to cash when they need them thanks to Nium's global payments network and payroll-specific capabilities.

Nium’s offering

Nium's payroll services include competitive FX, built-in compliance, real-time payments, security offerings, zero-deduction wire transfers, and multiple market coverage to assist global payroll platforms and businesses in onboarding, transacting, and managing payroll for employees and contractors worldwide.

Nium has announced the elimination of worldwide wire transfer deductions, the support of seven new payment currencies, and real-time transaction tracking using SWIFT gpi. When a Nium client sends a payment overseas, they now know precisely how much it will cost before beginning the wire transfer, who sent it and can follow it in real-time. Every wire transfer, whether facilitating worldwide payroll, B2B invoicing, or supplier payments, will reach at its destination within minutes and without any unexpected deductions. Another advantage is that businesses may simply transmit Nium the same wire instructions they now use; no new effort is necessary to make use of these functionalities.