The foreign exchange company Travelex has partnered with the global payments platform Nium to extend digital remittance services to their users. Now live in Australia and Singapore, the digital remittance offering – Travelex International Money Transfer – will be serviced by Nium’s global payment rails and real-time payment capabilities, enabling Travelex users to transmit money to more than 50 markets across the world at an almost instant rate.
“Extending the Travelex digital suite to offer remittance services is the logical next-step and continues our focus on digital innovation, which currently includes our market-leading online currency exchange platform, the multi-award-winning Travelex Money Card, and a global network of FX ATM’s,” explains Cameron Hume, Managing Director, Travelex Asia Pacific.
Travelex will be leveraging Nium’s Remittance-as-a-Service (RaaS) solution for the launch of this service. Introduced recently in 2020, Nium’s RaaS solution makes it easier for companies to become providers of payment services and offer remittance services on their own digital platforms. RaaS provides not just the full-stack technology solution but also incorporates the expansive regulatory portfolio, backed by a team of experts from Nium which together paves the way for businesses to tap into the huge potential of the online payments industry; whilst exploring new revenue streams.
“Travelex is the leading brand in foreign exchange globally and across the APAC region. They are recognised and trusted as experts in their field,” says Michael Minassian, Regional Head of Nium’s Consumer and SME Business. “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.
“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.”
Consumers can access Travelex International Money Transfer, via their local country Travelex website, with an App to be launched shortly.
“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,” comments Darren Brown, Managing Director, Travelex Australian, and New Zealand.
Travelex will be expanding its digital remittance offering to major markets in Asia Pacific in the coming months.