Digital cross-border payments provider InstaReM is rebranding to become part of Nium, the company announced on Sunday.
Headquartered in Singapore, Nium is a payments platform that enables businesses to send, spend and receive money from around the world in addition to providing tools for them to develop their own products that simplify cross-border payments.
The launch of Nium was announced at the Money 2020 USA event in Las Vegas on Sunday.
“As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. 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,” Prajit Nanu, the Indian-origin Co-Founder and CEO of Nium said.
He added that the platform’s strategy was to express broader capabilities to the world, and to engage more directly with enterprise partners.
Stemming from the Sanskrit word for rules and principles, Nium encapsulates the process of rewriting rules to ensure financial freedom, Nanu said.
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, the company stated. Members of the network will be able to use the platform to build new products and services in addition to utilising conventional services.
“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 and cost-effective,” the company added.
Nium is also one of the first organisations to partner with global payments giant Visa’s Fintech Fast-track programme. The team behind InstaReM has been gearing up for the rebrand since their recent USD 41 million funding round earlier this year.
