Announcement comes shortly after launch of same service in Australia, signifying Nium's global plans
SINGAPORE, July 14, 2020 /PRNewswire/ -- Nium, a global financial technology platform, announced today a partnership with Visa to expand its card issuance service to Europe, soon after the company announced a similar service in Australia. The white labelling card solution aims to help businesses drive cost-efficiency and increase productivity.
While the consumer cards segment has made great strides in customer offerings and experience, corporate card management has remained relatively the same – taking months to set-up, register and manufacture, only to be integrated to a legacy system with rigid capabilities. Further, the creation, management and distribution of cards are typically done by various companies, resulting in a process that is not only cumbersome, but also costly. Through this partnership Visa, Nium will streamline and simplify the card management programme for companies by consolidating all these processes to a single system, allowing business to gain more control while generating significant cost savings at the same time.
With this Visa partnership, Nium 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 transfers 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
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, 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.
"While payments are moving online, a lot of the corporate expenditures made by employees are still funded through company-issued cards. 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," said Gitesh Athavale, Head of Product (Cards), Nium.
For more information on Nium's card issuance service, please visit: https://www.nium.com/platform/?tab=spend.
Nium is a global financial technology platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having evolved from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for businesses. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium's investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
For more information, visit: http://www.nium.com.