Nium has enhanced its global payroll payments solution to support the complex needs of global payroll platforms. According to Nium, its payroll solutions simplify global growth for a majority of global payroll platforms.
Nium’s expanded network and currency coverage incorporates Canada, Africa, Middle East, Latin America, and Asia Pacific. New enhancements include foreign exchange transparency. This allows for end-to-end FX control and includes transparent costs with a single clear FX markup and one low per-transaction fee to help manage costs at scale. Nium says that clients can schedule bulk conversion for ease and control, lock FX rates to manage FX fluctuation, and configure fees at the customer level for flexibility.
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Other enhancements include beneficiary pre-screen and confirmation of payee. Nium says that this minimises potential returns with verified payee information.
Scheduled payouts enable clients to disburse payments to their workforce on a certain date. This provides predictability to their clients’ employees on when to expect to receive their salary payouts.
In addition, direct debit in the US, UK and EU provides the ability for platform clients to pull funds from their customers’ primary bank accounts into their Nium wallet to fund payroll payouts. In turn, this improves cash flows and reduces friction.
Global payroll outsourcing market: worth $19.5bn by 2031
According to Nium, the global payroll outsourcing market is expected to reach $19.5bn by 2031. This makes it one of the largest and fastest growing opportunities in global payments. The need to hire at scale across borders is rapidly becoming a key competition for companies. But, adding remote workers adds significant cost and complexity to payroll operations. Nium says this is simplified by the growing number of third-party payroll platforms.
“Global payroll is hard,” says Robin Gandhi, CPO of Nium. “Every country has different regulations. Tax laws, employment laws and data privacy laws make the compliance process tricky. That’s what payroll platforms do best. Getting money to every employee or contractor in their preferred account, on-time, and across multiple geographies is not easy. Our global payments network and payroll specific functionality makes payroll seamless.”
