The collaboration, announced on Monday (Aug. 24), supports Nium’s efforts to use FinTech tools “to improve business efficiency and customer experience in Latin America, further enabling LatAm consumers and businesses to participate in the global digital economy more effectively,” the company said.
The deal with TeleDolar continues Nium’s expansion into Latin America and will allow its customers to make instant outbound payments to an expanded list of markets, including Europe, the U.K. and the U.S., among many others.
“TeleDolar has been instrumental in creating a FinTech platform for consumers, SMBs, banks and financial institutions in Costa Rica to move funds overseas in a more convenient manner...” said Rohit Bammi, Nium’s global head of institutional sales, in a statement.
Juan Carlos Bedoya, CEO of TeleDolar, said that “increased mobile internet and smartphone availability, as well as the rise of next-generation businesses, have led to changes in customers’ expectations on financial services.”
“TeleDolar strives to meet the evolving needs of our clients for global wire transfers through continuous improvements and growth to our services,” he said in a statement. “We are proud and excited at the opportunity to be Nium’s first partner in Costa Rica, and look forward to offering our clients better services that are more efficient, secure and provide greater transparency.”
Earlier this month, Nium announced that its customers can now make payments through Google Pay with its company Visa cards. In addition, Nium subsidiary InstaReM is partnering with SBM Bank India to help boost remittances out of the country.
In July, InstaReM debuted BizPay in Australia, which promises to harness business card credit limits and transforms them into working capital to assist companies with paying utility bills, rent or other supplier payments, the company said.
And last fall, InstaReM introduced its digital money transfer services in Canada as a means of strengthening its North American presence. At the time, the company was operating in 40 countries, reaching 3.2 billion people in developed and developing countries with “zero-margin and low-fee” transfers.