Leveraging Nium’s real-time payments technology and money transfer rails, Travelex has launched a new digital remittance offering in Asia Pacific. The service is now live in Australia and Singapore.
SINGAPORE, 12 April, 2021 – Travelex, the world’s leading foreign exchange brand, has partnered with advanced 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 remit money to more than 50 markets across the world almost instantly. The service will be further expanded to the rest of Asia soon.
“Extending the Travelex digital suite to offer remittance services is a logical next-step and continues our focus on digital innovation which includes our market-leading online currency exchange platform, the multi-award-winning Travelex Money Card and a global network of FX ATM’s,” explained 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 just last year, 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 and a team of experts from Nium, paving the way further for businesses to tap into the huge potential of the online payments business and explore 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. 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,” says Michael Minassian, Regional Head of Nium’s Consumer and SME Business.
“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,” Michael continued.
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,” states 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.
Nium is a next-generation financial services platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium is a leader in its geographical and payment service breadth, owning licenses in the world’s largest and fastest-growing economies. Our modular 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. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks.
Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies 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 has grown to become the world’s leading 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 built the leading online and mobile foreign exchange platform. It also processes and delivers foreign currency orders for major banks, travel agencies and hotels. In addition, the Group sources and distributes foreign currency banknotes for customers on a wholesale basis including central banks and international financial institutions.