FinTech Australia Spotlight: Nium
Travelex joins hands with Nium to boost digital remittances across the Asia Pacific
In this edition of Member Spotlight, we had a chance to talk to Michael Minassian of Nium and Darren Brown of Travelex, about their partnership.
Michael Minassian – ANZ Regional Head of Consumer Business at Nium
Meet the companies
Nium is a financial services platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium’s platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world.
Founded in 1976, Travelex is a specialist provider of foreign exchange. Travelex operates across the entire value chain of the retail foreign exchange industry in over 20 countries. The Group has developed a growing network of over 900 ATMs and 1,100 stores at both on-airport and off-airport locations around the world and has also built the leading online and mobile foreign exchange platform. It also processes and delivers foreign currency orders for major banks, travel agencies and hotels.
The partnership allowed Nium to launch a new digital remittance offering in the Asia Pacific region, known as Travelex International Money Transfer, which leverages Nium’s real-time payment technology and money transfer rails to extend digital remittances to Travelex users across the region.
In other words, Travelex provides its large existing consumer base with access to Nium’s Remittance-as-a-Service (RaaS) solution. Through this partnership, Travelex users will now be able to remit money to more than 50 countries globally. Going forward, the service is planned to be extended to other countries across the region in the coming months.
“At Nium, we understand how difficult it is for a company to introduce remittance or money transfer services at scale, and we are excited that Travelex has selected Nium to be their trusted partner for this journey,” said Michael Minassian, Regional Head of Nium’s Consumer and SME Business.
The partnership between the two companies has boosted digital remittance in the Asia Pacific region.
“Travelex is delighted to team up with Nium to offer remittance services. Following a rigorous selection process, we were impressed with their holistic solution which encompassed the technology framework and the expertise of the team. In today’s competitive payments environment, new technology makes a huge difference in delivering the best customer experience,” – Darren Brown, Managing Director, Travelex Australia and New Zealand.
How RaaS can enable businesses to offer remittance services
Nium’s RaaS solution allows businesses to become providers of payment solutions and offer remittance services on their own digital platforms. Through such a collaboration, businesses that are otherwise not payment providers or lack the technological or regulatory portfolio to facilitate cross-border payments, can launch an international remittance service.
The RaaS solution provides businesses with the technology stack and the network of regulatory licenses necessary to support international fund transfers. Through this ‘plug and play’ model, businesses can go live within weeks, with the ability to customise their front end. Nium says that businesses are set to gain new revenue streams by offering digital remittance solutions to their customers globally.
“Nium’s mission is to create a global fintech infrastructure that can enable banks, financial institutions and other fintech companies to launch and scale innovative digital financial services without the complexity, time and cost previously required to do so. We look forward to working closely with Travelex to offer a robust digital remittance offering to their customers,” said Michael Minassian, Regional Head of Nium’s Consumer and SME Business.