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 disbursement 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.
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.
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.
SOURCE: PRNewsWire