Magazine : 
InstaReM Rebrands to be a Part of Nium, a Global Enterprises Payments Platform
One of the global cross-border digital payments company, InstaReM has rebranded to become part of Nium, a global enterprise payments platform. Nium aspires to become enabler, a creator of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions. However, InstaReM will continue to remain a digital remittance solution, but will be part of and powered by the Nium platform.
Prajit Nanu, Co-founder & CEO, InstaReM, comments, “When we started InstaReM four years ago, our mission was to make moving money internationally, faster and more convenient through seamless digital payments. It’s the innovative concept of open money which we’re trying to par. So, you should be able to send money anywhere which is a remittance platform, spend money anywhere which is a card piece and receive money anywhere which is a pay-in product. For InstaReM to continue to expand and stand out we need to offer a customer experience like no other, and so that’s our main focus as we move forward”.
The Nium platform is open for developers to build new payments capabilities, which helps the corporate and start-ups in India to leverage the Nium infrastructure to solve existing challenges in global payments. With this, organizations will have the chance to become a member of ‘The Open Money Network’, a digital collective of financial institutions, fintechs, e-Commerce platforms, online marketplaces and travel companies. Apart from using Nium’s ability to send, spend and receive money, members of the network will use the platform to develop new products and services free from legacy system constraints.
“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’, which is the Sanskrit word for rules and principles. 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. This is Nium”, adds Prajit Nanu.
Also, the businesses and start-ups can use Nium in three ways, a) buying Nium’s off-the-shelf products, b) working with Nium to develop custom integrations for their enterprise tech stack, c) using the Nium platform to build innovative products and services that make the cross-border movements of money quicker, more convenient and cost-effective.
Headquartered in Singapore, InstaReM has created a unique payment mesh in Asia which leverages the financial institutions, SMEs and individuals to make fast and low-cost cross-border payments to over 60 countries around the world. It is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India and Canada.
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