Founded in 2019, Volopay is a Singapore-based startup building a financial control centre for modern businesses. Small to medium-sized businesses (SMBs) that do international transactions face two common hurdles: high FX fees and corporate expense management. Volopay solves these problems by combining business accounts, corporate cards, bill payments, expense reimbursements, cashbacks and accounting automation into one easy-to-use platform. Since its launch, Volopay has witnessed a 70% month-on-month growth in Singapore.
Volopay approached Nium for its robust infrastructure to integrate an efficient API into their existing system and streamline the client onboarding process. With Nium’s card-issuing offering, Volopay can enable seamless cross border transactions, issue corporate cards and manage employee expenses for their clients. Such a partnership will benefit Volopay’s plans for international expansion, especially in Australia, where traditional cross-border transactions are expensive .
"After shifting to Nium, their VISA cards have been accepted at major merchants and have been well received by clients. The Nium team has been helpful in solving certain issues for us."
High FX rates are one of the biggest challenges facing businesses handling international transactions. Further, banks and many international payment providers often charge certain hidden fees that add to the FX spread. This can be a deterrent for businesses looking to expand into new countries and avail seamless cross-border transactions. Therefore, businesses should ensure that they partner with a payment provider who will be transparent about the transaction and FX fees to avoid any hidden costs.
Nium offers Volopay real-time FX rates that don’t include any mark-up or profit margin. Additionally, Nium also takes on the risks associated with foreign exchange movements.
The risk of fraud is a concern for every business, but it is more so in the case of cross-border transactions. Since international payments involve multiple markets, vendors, convoluted regulations and currencies, protecting your customers’ data becomes even more crucial . Through their partnership with Nium, Volopay can now help their clients to keep track of each transaction and minimise payment failures with Nium’s corporate card solution.
Nium’s robust platform provides businesses with fraud prevention tools for all transactions. Equipped with end-to-end encryption and a secure DSI compliant platform, businesses can rest assured that the transactions are safe and monitored for any potential risks.
Volopay chose Nium to create a seamless expense management system that can disburse payments to employees and vendors across the globe. Nium is a licensed Visa card issuer partner. This means that businesses like Volopay can take advantage of Nium’s payment rails, along with Visa’s global licence network, to scale faster and expand into new markets. After integrating Nium’s solution, Volopay has been able to increase card acceptance among vendors by 30%.
“The Nium tech team is prompt in their responses and actions. Also, Nium has APIs to support various card features.” – Rajesh Raikwar, Founder & CTO, Volopay
Nium’s platform allows businesses to:
Nium has transformed businesses across sectors. Here’s how our services benefitted the client and can benefit your business, too:
Since Nium is a Visa issuer, this not only ensures a smooth onboarding process for your clients, but you can also swiftly move to issuing cards in just 4 weeks. For Volopay, this proved to be an immensely beneficial feature, considering they are expanding into new markets.
Nium allows businesses to provide their employees with unique logins and personal debit cards – both physical and virtual. Nium’s card customisation offering helps businesses like Volopay stand out in the crowd.
Nium offers open-loop prepaid solutions. This means that employees can efficiently send allowances from a centralised digital wallet. Businesses can easily manage a budget for employees, as a set amount of funds can be loaded in advance. They can streamline and automate disbursements, while controlling FX conversion costs.
Nium allows businesses to manage their program’s security in one place, including card lock/unlock, geolocation data, and cardholder permissions.
Real-time updates allow businesses to track and manage expenses as they happen. With this, businesses are able to control how much their employees can spend (limits) and where they can spend (based on merchant categories), grant authorisations to spend, etc.
Nium is an advanced global payments platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having grown from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for banks and large enterprises. Nium is regulated in Australia, Canada, Europe, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, United Kingdom and the United States of America, and processes billions of dollars a year for banks and payments institutions, next generation of e-commerce players, OTAs and retail users across the world. Nium’s investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.