Borderless AI, a leading Employer of Record (EOR) services provider, has partnered with Nium, the global leader in real-time, cross-border payments, to revolutionize cross-border payments in the EOR industry. The collaboration aims to enhance efficiency, transparency, and speed in global employment and payroll solutions. With Nium's technology integration, Borderless AI can streamline operations, offering faster and more secure payment solutions. Nium's payment infrastructure and global network enable seamless fund transfers across borders, eliminating intermediaries and reducing transaction times. Borderless AI can now provide clients with instant transfer of funds through Nium's platform, enabling efficient management of payroll, taxes, expenses, and financial obligations across more than 190 countries. The partnership also includes the addition of Rajesh Venkatesh as Chief Payments Officer and Umesh Maini as Chief Product Officer to Borderless AI's executive team. Both leaders bring valuable experience from the global payments space. This strategic alliance demonstrates the commitment of Borderless AI and Nium to innovation and excellence in global employment solutions, facilitating cross-border operations and unlocking new growth possibilities. [211fa1b2]
In addition to this partnership, Nium has recently received regulatory approval from Japan's Financial Services Agency (JFSA) to conduct large-value fund transfers in Japan's fintech market. Nium is the first global fintech firm to receive this approval, granting them a Type 1 Funds Transfer Service Provider (FTSP) license. This license allows Nium to process transactions of up to 50 million JPY per transfer through Zengin-Net, Japan's domestic payments network. Previously, this capability was exclusive to banks. The approval of Nium's license is expected to create new opportunities for non-bank payment platforms in Japan and contribute to the growth of the country's fintech ecosystem. Nium has experienced significant growth in recent years, with its revenues doubling in 2022 and reporting over USD 12 billion in transaction volume. The company anticipates further growth in 2023 and has expanded its partnership with Ebury to facilitate cross-border payments to and from Brazil. [0ea37854]