Nium enhances payroll payments solution, offers transparent FX rates
Nium has enhanced its market-leading payroll payments solution to support the complex needs of payroll platforms worldwide.
In addition to expanded network and currency coverage in Canada, Africa, Middle East, Latin America, and Asia Pacific, new enhancements to this offering include:
- Foreign Exchange Transparency: Allows for end-to-end FX control, which includes transparent costs with a single clear FX markup and one low per-transaction fee to help manage costs at scale. With this, 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;
- Beneficiary Pre-screen and Confirmation of Payee: Minimizes potential returns with verified payee information and keeps the payment process quick and smooth;
- Scheduled Payouts: Enables clients to disburse payments to their workforce on a certain date. Provides predictability to their clients’ employees on when to expect to receive their salary payouts;
- 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, this improves cash flows and reduces friction.
“Global payroll is complex,” says Robin Gandhi, CPO of Nium. “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.”