Digital cross-border payments provider InstaReM has announced that it is rebranding to become part of Nium, the first global payments platform that allows businesses to send, spend and receive money from around the world.
Backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures, InstaReM is currently regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, processing billions of dollars a year for banks, payments institutions and retail users around the world.
Founded by the team that created InstaReM in 2014, Nium is used to create a wide range of payment services grouped into three categories: send, spend and receive. Companies working with Nium have the chance to become members of “The Open Money Network,” a digital collective of financial institutions, FinTechs, eCommerce platforms, travel companies and online marketplaces. In addition to using the platform for payment transactions, members will also be able to build new products and services without legacy system constraints.
Nium is one of the first organizations to partner with Visa’s FinTech Fast Track program in the EU, Australia and the Asia Pacific region.
“As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform,” Prajit Nanu, co-founder and CEO of Nium, said in an emailed press release. “We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe. To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to Nium. We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions — a true world of Open Money.”
Featured PYMNTS Report:
Individual gig workers can spend days — or even weeks — each year tracking down late payments for work sourced through online marketplaces. That’s why providing faster payouts is not just a perk, but a necessity for gig platforms to thrive. In the January 2020 Gig Economy Tracker, Yunyi Fu, head of product for travel platform kimkim, tells PYMNTS how the company wins the loyalty of its freelance travel experts in 70 countries via faster payments.