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. This partnership, launching globally, will enable businesses to instantly send employee payroll and contractor payments worldwide, addressing the complexities of managing multi-country payroll efficiently and securely.
Partnership Overview
- Objective: Enhance international payroll capabilities for Remote’s clients.
- Scope: Initially launching in 20+ markets across Europe, the United Kingdom, and Asia, supporting both corporate payroll and contractor payments.
Global Expansion and Market Needs
- New Market Growth: As businesses explore new markets for growth, the ability to hire and scale across borders becomes a key differentiator.
- Challenges: Managing multi-country payroll involves navigating local compliance, technology, and cultural norms, along with avoiding excessive FX costs and back-office inefficiencies.
Remote’s Strategic Move
- CEO’s Insight: Job van der Voort, CEO and Co-Founder at Remote, emphasized that the partnership addresses the complexities of international expansion, ensuring employees get paid on time in their local currency.
- Nium’s Role: Nium’s global real-time payments infrastructure will allow Remote to offer multi-currency wallets, funding in 20+ local currencies, and flexible payout options to bank accounts, cards, and e-wallets.
Benefits for Remote’s Clients
- Real-Time Payments: Clients can lock in live interbank exchange rates for up to 24 hours and make cross-border payroll payments in bulk.
- Market Reach: Employee and contractor payouts can be sent to over 220+ markets and 100+ real-time payment corridors globally.
Industry Impact and Future Plans
- Market Growth: The global multi-country payroll solutions market is expected to reach $10.5 billion USD by 2030, with significant growth in emerging markets such as the Philippines, Nepal, India, Pakistan, Mexico, Brazil, and Colombia.
- Future Expansion: Remote and Nium plan to expand their combined offering with more payment corridors, markets, and methods.
Nium’s Vision
- CEO’s Perspective: Prajit Nanu, CEO and Founder at Nium, highlighted the importance of seamless payroll systems in retaining and connecting with a globally dispersed workforce. Nium’s partnership with Remote aims to provide businesses with competitive, reliable payroll solutions.
The partnership between Remote and Nium marks a significant advancement in global payroll solutions, addressing the complexities of multi-country payroll with real-time, scalable, and secure payment capabilities. By leveraging Nium’s infrastructure, Remote can offer its clients enhanced payroll services, supporting their growth and expansion into new markets. This strategic move positions Remote as a leader in global HR solutions, ensuring businesses can manage and pay their international workforce efficiently.
