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InstaReM began in 2015 with a vision to simplify the cross-border payments experience. Prajit Nanu wanted to pay for a resort for his friend’s bachelor party and ran into a cumbersome and expensive process to transfer money overseas. After collaborating with his close colleague, Michael Bermingham, they formed InstaReM to make international money transfers easier.
Short for Instant Remittance, the name now only represents a small piece of the full scale of offerings available.
While continuing to be an expert in consumer remittances, the team behind InstaReM has expanded and scaled its products. We now offer a suite of products designed to meet the needs of SMEs, financial institutions, enterprises, payment services providers and some of the largest marketplaces in the world. The same platform that empowers these clients is what powers InstaReM.
The challenges that these large institutions face in the global payments space are more complex than a consumer global money transfer. However, the same ambition to simplify the cross-border landscape continues to drive us to push for innovation for all of our clients and customers.
With our portfolio of clients growing, along with the number of services we now offer, we decided to make another change – our platform name.
Enter Nium
So, what does Nium mean? Our inspiration was the Sankrit word for rules: Neeyam. We are re-writing rules in payments. In doing so, we’re presenting businesses and financial institutions with new opportunities.
InstaReM will live on as our consumer brand – helping individuals make international payments fast and easy – and will be powered by Nium.
Nium’s network is powered by our portfolio of licenses, hard-earned by building trust with financial regulators in over 38 countries. Our platform is the innovative technology infrastructure that makes sending, spending and receiving money across borders faster, more transparent and better integrated with our customers’ lives and business needs. This combination of regulatory and technological assets is unique to us and is at the core of our unique value proposition. It’s what powers the Open Money Network.
As we look to the future, our strategy is to move beyond merely creating services on our proprietary platform. We aspire to become enablers; creators of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money.
It’s an exciting time for us as we continue the journey we’ve been on since 2015 – but entering a new phase as Nium. We look forward to working with your business, helping you take advantage of the new opportunities our platform can enable.