DBT Bureau
Pune, 8 June 2024
Remote, the global HR platform for distributed companies, has partnered with Nium, a leader in real-time cross-border payments, to bolster its international payroll capabilities. The partnership will be launched on a global scale, enabling businesses to instantly send employee payroll and contractor payments worldwide.
The global multicounty payroll solutions market is expected to approach USD 10.5 billion by 2030. Much of this growth is concentrated in emerging markets, with the Philippines, Nepal, India, Pakistan, Mexico, Brazil and Colombia among the top 10 destinations for payroll payments facilitated by Nium in 2023. Today, the fintech company has sent USD 2 billion in payroll payments to 134 countries around the world.
As more businesses look at new markets to power growth, the ability to hire and scale across borders is rapidly becoming a key differentiator. But for global companies, managing multi-country payroll can be complex, with local compliance, technology, and cultural norms to navigate. As workforces expand internationally, even more difficult challenges arise creating a scalable, secure, and reliable international payroll model – without incurring excessive foreign exchange (FX) or transaction costs, significant risk, and back-office inefficiencies.
As India emerges as a key destination for global business expansion, managing multi-country payroll complexities becomes pivotal. Remote and Nium’s collaboration is tailored to address the unique needs of Indian businesses, providing them with scalable, secure, and compliant international payroll solutions while mitigating excessive foreign exchange costs and back-office inefficiencies.
The partnership will initially launch in 20+ markets across Europe, the United Kingdom and Asia. This marks the beginning of an exciting journey for the fintech duo, as they envision expanding their combined offering with additional payment corridors, markets, and methods in the future.
“As companies become increasingly global, the complexities of expanding compliantly across international borders also grow. Our partnership with Nium is designed to address these complexities head-on. Payroll is at the heart of any business and our partnership provides customers even greater confidence in their abilities to grow teams that stretch globally and still get paid on time, every time, in their local currency – no matter where they are in the world,” said Job van der Voort, CEO and Co-Founder at Remote.
With access to Nium’s global real-time payments infrastructure, Remote can provide its clients with multi-currency wallets, allowing funding in over 20+ local currencies and avoiding the hassle of setting up and managing local bank accounts. Live interbank exchange rates can be locked in for up to 24 hours and converted to make cross-border payroll in bulk. Employee and contractor payouts can be sent via flexible payment options to bank accounts, cards, and e-wallets in over 220+ markets and 100+ real-time corridors around the world.
“If businesses want to stay competitive, it’s crucial that mission-critical payments like payroll don’t just work, but work well. And yet, companies continue to rely on legacy infrastructure or limited cross-border payment solutions to pay their employees and contractors worldwide. After all, payroll isn’t just about money. It’s about employers finding new ways to deepen connections, improve retention, and say thank you to their increasingly diverse and globally dispersed employees. We’re helping Remote deliver this differentiation to its customers and look forward to enabling people and businesses all over the world to realise the full potential of real-time cross-border payments together,” said Prajit Nanu, CEO and Founder at Nium.
Remote’s mission is to create opportunity everywhere, empowering employers to find and hire the best talent, and enabling individuals to build financial and personal freedom. Businesses around the world use Remote to hire, manage and pay their globally distributed workforces, simply and compliantly.
Nium’s payout network supports 100 currencies and spans 220+ markets, 100 of which are real-time. Funds can be disbursed to accounts, wallets and cards and collected locally in 35 markets. Nium’s card issuance business is already available in 34 countries.
News source: Remote and Nium media release
