The Singapore-based FinTech, which has developed artificial intelligence (AI)-based management software that tracks expenses in real time, will integrate Nium’s API solutions into a corporate credit card.
Corporate clients, after issuing cards to employees, will be able to “configure those cards with a real-time tracking software and a mobile application,” the two companies stated in a press release.
With instant tracking of employee spend, managers can gain “real-time data insights” while also earning “cashback on FX transactions” that provide more savings than traditional cards, the release noted.
In addition, the partnership with Nium and its global platform will extend the reach of Volopay’s cards, enabling the firm’s corporate clients and their employees to pay with their cards wherever they are doing business around the world.
The partnership brings together two companies that are already quite familiar with one another: Volopay took part in BOLT, a Nium FinTech collaborative established to “promote innovation and collaboration” in the Southeast Asia sector.
“Volopay is a true testament of what Nium’s BOLT program represents – that innovation can truly happen through collaboration within the industry,” said Krishna Kumar Singh, vice president in charge of program management and head of Nium’s BOLT initiative, in a press release.
Volopay, which is currently focused on Singapore-based businesses, is now planning to expand its reach to the entire ASEAN region and Australia as well.
“Nium’s BOLT program helped us to solve the expense-related struggles that generally most companies face,” said Rajith Shaji, founder and CEO of Volopay, in a press release. “They provided us with a seamless financial rails payment platform that helped us to provide our customers with a precise solution to address all their spending loopholes.”