Global fintech platform Nium (formerly known as InstaReM) announced on Tuesday it has expanded Visa Card insurance service in Europe. This news comes just after Nium announced similar services in Australia. Founded in 2015 as InstaReM, Nium is on a mission to improve the cross-border payments experience for consumers in the APAC region.
“While continuing to be an expert in consumer remittances, we’ve expanded and scaled our offerings to meet the needs of SMEs, Financial Institutions, Enterprises and other payment service providers.”
Nium further reported that its network is power by its portfolio of licenses from financial regulators in more than 38 countries.
“Our platform offers a wide range of payments services grouped into three categories: Send, Spend and Receive. As a company, we are continuously innovating and pushing boundaries. We aspire to become enablers, creators of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money.”
Through the collaboration with Visa, Nium reported it is able to provide end-to-end issuing, processing and onboarding services in a shorter time. Businesses using Nium-issued corporate cards will be able to:
- Conduct real-time funds transfer to both physical and virtual Visa Credit and Debit card, such as crediting payroll into Visa cards
- Enable secure digital payments through tokenization for in-stores, online payments and at ATM points
- Unlock simple payment experiences for businesses and consumers around the world through multi-currency cards with multi-pocket/wallet spend management features
Gitesh Athavale, Head of Product (Cards) of Nium, went on to add:
“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.”