SAN FRANCISCO and AMSTERDAM, June 5, 2024 /PRNewswire/ -- Remote, the leading global HR platform for distributed companies, has selected Nium, the global leader in real-time cross-border payments, to enhance its international payroll capabilities. The partnership will be launched on a global scale, enabling businesses to instantly send employee payroll and contractor payments worldwide.
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.
Today, tens of thousands of companies use Remote to find, hire, manage, and pay talent all over the world. Now, the global HR platform has partnered with Nium to expand its real-time cross-border payments capabilities and geographic coverage, so it can continue to deliver best-in-class payroll solutions for its new and existing corporate customers.
The partnership will initially launch in 20+ markets across Europe, the United Kingdom, and Asia, supporting disbursem*nt models including corporate payroll and contractor payments. This is the start of an exciting roadmap for the fintech duo, with plans to add more payment corridors, markets, and methods to the combined offering in 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.
The global multicounty payroll solutions market is expected to approach $10.5 billion USD 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 $2 billion USD in payroll payments to 134 countries around the world.
To find out more about how global businesses are optimising workforce payroll with real-time cross-border payments, download Nium's latest whitepaper. To learn more about Remote, visit www.remote.com.
About Remote
Talent is everywhere - opportunity is not. 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. Remote was founded in 2019 by Job van der Voort and Marcelo Lebre, and is backed by leading investors including SoftBank Vision Fund 2, Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, and B Capital.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance - independent of geography. The company is co-headquartered in San Francisco and Singapore.
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