- Nium, formerly InstaReM, says that it will partner with Visa to build on its European card issuance service.
- The new offer will involve white-labelled corporate cards, which are provided by Nium and powered by Visa – with the aim of improving cost-effectiveness.
- “We look forward to working closely with Visa to realise our mission of improving business efficiency through the introduction and facilitation of financial technology,” said a representative of Nium.
A Singapore-based online money transfer service has confirmed that it will work alongside Visa to offer additional card issuance services in Europe.
Nium, which was previously known as InstaReM, will provide the white-labelled service in conjunction with the international financial services company.
The aim of the new partnership is to help firms bring down costs, Nium said.
The Europe-focused announcement comes not long after Nium revealed that a similar service will be launched in Australia.
The firms’ new offer will provide corporate cards, issued by Nium but powered by Visa, to businesses.
The cards will offer a range of benefits, including the capacity for instantaneous fund transfers and increased digital security.
In a statement, Gitesh Athavale, who serves as Nium’s head of product (cards), said that company cards were still highly salient in the corporate world.
“While payments are moving online, a lot of the corporate expenditures made by employees are still funded through company-issued cards,” he said.
“This is even more prevalent in Europe, where card payments still dominate. We see the need to improve existing card systems used by companies.
“We had launched the same service in Australia and Singapore earlier this year and seen tremendous results.
“We look forward to working closely with Visa to realise our mission of improving business efficiency through the introduction and facilitation of financial technology,” he added.
In its press release, Nium went on to provide more details about how the partnership might benefit firms.
“The flexibility of Nium’s API tools and holistic issuing services, coupled with Visa’s products and services, enables Nium to support different use cases for Spend Management seen across various business models and platforms,” it said.
These could range “from companies looking to reconcile corporate entertainment and travel expenses for employees, businesses looking to pay suppliers and vendors overseas, or innovative technology companies looking to send payments to their community,” it added.
Corporate expenditure is a key area of business for many cross-border payment firms.
Given that the corporate expenditure bracket can cover everything from company-wide expense bills to the settling of accounts with suppliers or providers, large transactions are almost inevitable.
In a world where the economy is, on the whole, becoming increasingly globalised with each passing year, it makes sense for growing international money transfer firms such as Nium to aim to take their slice of corporate expenditure-related revenue.
Nium is just one of many companies and organisations working hard to improve the cross-border payments sector.
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