Las Vegas, London, Singapore: Leading digital cross-border payments provider, InstaReM, is rebranding to become part of Nium. Nium is the first global payments platform to enable businesses to send, spend and receive money from around the world, in addition to empowering them to develop their own products. Nium’s ambition is to create a world of ‘Open Money’ where everyone’s money is free for them to use, whenever, wherever and however they want.
launch of Nium was announced at the Money 2020 USA event in Las Vegas on 27
Nothing like Nium and its ‘Open Money Network’ has ever been
created before. Organisations working with Nium will have the opportunity to
become a member of ‘The Open Money Network’, a digital collective of financial
institutions, fintechs, ecommerce platforms, travel companies and online
marketplaces. In addition to using Nium’s ability to send, spend and receive
money, members of the network will be able to use the platform to build new
products and services free from legacy system constraints.
Businesses will be able to use Nium in three ways: buying Nium’s off-the-shelf
products, working with Nium to build custom integrations for their enterprise
tech stack, or by using the Nium platform to build innovative products and
services that make the cross-border movements of money quicker, more convenient
As one of the first organisations to partner with Visa’s Fintech
Fast-track programme, Nium will work with prominent financial institutions and
high-profile start-ups to help them build the financial products and services
that a future of ‘open money’ demands.
The team behind InstaReM has been gearing up to become Nium since
their recent USD41 million funding round earlier this.
Prajit Nanu, co-founder and CEO of Nium said: “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. 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.”
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