The partnership will enable businesses to send employee payroll and contractor payments globally. Initially, the partnership will be launched in over 20 countries spanning Europe and Asia. According to the official statement, the two companies later plan to feature additional payment methods, markets, and corridors.
As a result of this joint venture, Remote gains access to Nium’s global real-time payments infrastructure and, consequently, can enable its customers to leverage multi-currency wallets to send funds in more than 20 local currencies. According to the official press release, live interbank exchange rates can be locked in for up to 24 hours and can then be used to make cross-border payroll in bulk.
Additionally, employee and contractor payouts can be sent via flexible payment options to bank accounts, cards, and e-wallets. This solution is available in more than 220 markets and over 100 real-time corridors worldwide.
The wider context
As more and more businesses expand across borders, so is the workforce. The process, however, brings about challenges encompassing managing multi-country payroll, dealing with local compliance, and understanding cultural norms. When it comes to the payroll process itself, companies face difficulties spanning creating secure and reliable payroll models, dealing with foreign exchange, and transaction costs – among others.
When explaining the reasoning behind the decision to partner with Nium, an official from Remote emphasised that, as companies expand worldwide, they face stringent compliance-related challenges. With payroll at the centre of all businesses, the partnership with Nium reportedly aims to tackle these. Following this joint venture, Remote expects its customers to grow globally whilst getting paid on time in their local currencies.
By 2030, the global multicounty payroll solutions market is anticipated to reach USD 10.5 billion, with a significant proportion of the growth concentrated in emerging markets. To date, Nium has reportedly sent over USD billion payroll payments to 134 countries.
Remote is a global HR platform for distributed companies that enables its clients to find, hire, manage, and pay talent all over the world.
Nium is a real-time cross-border payments company that extends a payments infrastructure that enables banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders.
Earlier in 2024, Nium announced that it secured USD 50 million in funding. Moreover, the US-based payments provider announced that it expanded its platform’s capabilities and that it partnered with Lemonway.
For more information about Nium, please check out the company profile in The Paypers Company Database.
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