1 June 2023
Nium’s latest payroll payment solution upgrades offer simplified global growth for payroll platforms worldwide, with expanded coverage and innovative features to streamline cross-border transactions and empower businesses.
In a groundbreaking development, Nium, the leader in real-time global payments, has bolstered its market-leading payroll payments solution to cater to the intricate requirements of payroll platforms across the globe. This move by Nium aims to simplify the complexities of global expansion for a majority of payroll platforms, including Panther, an eminent provider of comprehensive global employment, payroll, benefits, and contractor software that seamlessly integrates with HR technology stacks.
With an expanded network and currency coverage spanning Canada, Africa, the Middle East, Latin America, and the Asia Pacific, Nium’s enhanced payroll solution offers several new features and improvements:
- Foreign Exchange (FX) Transparency: This feature grants end-to-end control over foreign exchange, ensuring transparent costs with a single clear FX markup and a low per-transaction fee. It empowers clients to manage costs at scale by scheduling bulk conversions, locking FX rates to mitigate fluctuations, and configuring fees at the customer level for increased flexibility.
- Beneficiary Pre-screen and Confirmation of Payee: By verifying payee information, this enhancement minimizes potential returns and facilitates a quick and smooth payment process.
- Scheduled Payouts: Clients can now conveniently disburse payments to their workforce on specified dates, providing predictability and enabling employees to anticipate their salary payouts accurately.
- Direct Debit in the US, UK, and EU: Platform clients can pull funds from customers’ primary bank accounts into their Nium wallets to facilitate payroll payouts. This feature improves cash flow and reduces friction, ultimately enhancing the overall efficiency of the payroll process.
The global payroll outsourcing market, valued at $9.9 billion in 2021, is expected to reach $19.5 billion by 2031, growing at a robust CAGR of 7.2% according to U.S.-based Allied Market Research. As companies increasingly seek to hire across borders, the complexities and costs associated with managing remote workers pose significant challenges. Third-party payroll platforms have emerged as a solution, and 80% of companies consider transparent foreign exchange rates crucial for such providers. By offering transparent fees, Nium empowers its clients with greater control over their finances.
Robin Gandhi, CPO of Nium, emphasizes the complexity of global payroll, stating, “Every country has different regulations, including tax laws, employment laws, and data privacy laws, which make the compliance process tricky, and that’s what payroll platforms do best. However, getting money to every employee or contractor on payday in their preferred account, on-time, and across multiple geographies is not easy. With our global payments network and payroll-specific functionality, we make payroll seamless, so platforms don’t have to worry about the technical and legal lift to send money across the world, knowing that their employees will have access to funds when they need them.”
Matt Redler, CEO and Co-founder of Panther, attests to the reliability and efficiency of Nium’s payroll solution, stating, “We trust Nium to move funds reliably, quickly, and compliantly around the world and across different corridors. We consider their payroll solution a trusted component of our engine. Specifically, their transparent FX capabilities allow us to price our FX revenue stream in a competitive way. We’re excited about Nium’s payroll enhancements and our continued partnership.”
Nium’s payroll solution goes beyond the ordinary, offering a comprehensive suite of products that empower global payroll platforms and businesses to seamlessly onboard, transact, and manage payroll for employees and contractors worldwide. The solution encompasses competitive foreign exchange, built-in compliance, real-time payments, security offerings, zero-deduction wire transfers, and extensive market coverage. Recognizing that payroll is not merely a transactional process but a mission-critical money movement that impacts lives, Nium positions itself as a trustworthy partner for businesses. By leveraging Nium’s global payment platform, platforms and businesses can confidently focus on global growth, achieve improved operational efficiency, and deliver an exceptional customer experience.