![]() ![]() Its Visa-led funding round in May was likely worth between $75-$100 million, according to DealStreetAsia. It facilitates cross-border payments between 90 countries, and real-time cross-border payments across 65 corridors. Nium has evolved from solely focusing on consumer remittance under its former name InstaRem, to providing fintech solutions for businesses. Here, he helped developed the bank’s ecommerce and transaction banking capabilities. He also spent more than nine years at fellow incumbent ANZ. Modul8’s CEO comes from six years at Australian incumbent Commonwealth Bank, where he directed transaction banking solutions. “At a time of global uncertainty, our economy needs transformative digital businesses that can provide the framework for a post-COVID recovery,” says Laird. The onboarding process during this three-month period takes “a DIY approach”, which the firms say will save money for start-up clients. ![]() The two claim they can deliver the service for companies in as little as three months, which they claim is “a quarter of the usual year-long timeline”. New partners Modul8 and Nium say they will focus on delivering card-issuing services for fintechs, rather than incumbent players. “As someone who has been in the banking and financial services industry for decades, I’m really proud to play a part in the revolution that will be enabled by open banking,” says Modul8’s CEO, David Laird. In the last month, challenger banking services and incumbents alike have been racing to unveil their open banking services to Australia’s 25 million citizens. The two claim they can deliver the service for companies in as little as three months ![]()
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