India is one among the top ten countries in 2023 to receive payroll payments via Nium.
Nium, the world leader in real-time cross-border payments, has been chosen by Remote, the top global HR platform for remote businesses, to improve its international payroll capabilities. The global debut of the alliance will allow companies to instantly deliver contractor payments and employee salaries to any location in the world.
By 2030, it’s anticipated that the global market for multicounty payroll solutions would be close to $10.5 billion USD. The Philippines, Nepal, India, Pakistan, Mexico, Brazil, and Colombia are among the top 10 locations for payroll payments made possible by Nium in 2023. A large portion of this growth is focused in emerging markets. Payroll payments totaling $2 billion USD have been distributed to 134 countries worldwide by the fintech startup as of today.
As more companies explore new markets to fuel expansion, the capacity to expand and staff internationally is quickly emerging as a critical differentiator. Global businesses, however, may find it challenging to manage payroll across borders due to the need to reconcile cultural norms, technology, and local compliance.
More challenging issues emerge as workforces become global: developing an international payroll model that is scalable, safe, and dependable without imposing undue risk, back-office inefficiencies, or excessive foreign exchange (FX) or transaction expenses.
Tens of thousands of businesses use Remote these days to source, choose, hire, manage, and compensate workers globally. The worldwide HR platform is now working with Nium to broaden its geographic reach and real-time cross-border payments capabilities so it can keep providing its corporate clients, both old and new, with the best payroll solutions available.
Managing multi-country payroll complications becomes essential as India becomes a prominent destination for international corporate expansion. The partnership between Nium and Remote is designed to meet the particular requirements of Indian companies, offering them secure, scalable, and compliant international payroll solutions while reducing back-office inefficiencies and exorbitant foreign exchange expenses.
The agreement will support disbursement types such as corporate payroll and contractor payments when it first launches in more than 20 locations in Europe, the UK, and Asia. The fintech team has big ambitions for the future, including expanding the combined offering’s payment corridors, markets, and methods. This is just the beginning of an exciting roadmap.
“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.
Remote can provide its clients multi-currency wallets with access to Nium’s worldwide real-time payments infrastructure. This eliminates the trouble of opening and maintaining local bank accounts and enables funding in more than 20 local currencies.
To facilitate cross-border payroll in bulk, live interbank exchange rates can be converted and locked in for a maximum of 24 hours. Payouts to contractors and employees can be paid via a variety of flexible payment methods to bank accounts, credit cards, and e-wallets in more than 220 markets and more than 100 real-time corridors worldwide.
“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.
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