How to Use Remote Payroll Payments and Onboard with Nium

Managing global payroll can be complex, but Remote Payroll Payments makes it effortless. This guide will explain how Remote Payroll Payments works and how to onboard through Nium, our financial partner, to ensure seamless global payroll and tax disbursements.

What is Remote Payroll Payments?

Remote Payroll is an automated system that handles your payroll services, including salary payments, benefits, expenses, and tax disbursements. Remote simplifies the process by automatically calculating and directly depositing salaries, while also managing your tax obligations.

By using Remote Payroll Payments, you can securely and efficiently pay your team members every time you approve payroll in the Remote platform. Remote charges a monthly service fee to your subsidiary via invoice for these payroll services.

How does it work?

Remote partners with Nium, a financial services provider, to handle fund transfers between your company and your team members. Here’s how it works:

• Onboarding with Nium: You will onboard each entity (i.e., subsidiary or company branch) that you wish to use for payroll payments through Nium. Each entity will be set up with a virtual wallet that supports multiple currencies.

• Payroll Calculation: Once payroll is approved in Remote, the system will automatically calculate the total funds required based on the payroll data. This includes salaries, benefits, and tax payments.

• Fund Transfer: Your entity will initiate a bank transfer for the total payroll amount to fund the virtual wallet.

• Employee Payments: After the funds are received by Nium, payouts to your team members and local tax authorities will be scheduled. Payments are aligned with specific value dates to ensure everyone is paid on time.

Note: Nium is responsible for compliance checks. They conduct a thorough review and may request additional documentation after onboarding is complete.

The specific documents required during onboarding cannot be provided in advance. The necessary information will be determined during Nium’s compliance review.

Nium Onboarding Process

The Onboarding Flow

Step 1: Log-in to your Remote account 

Login to your Remote account and navigate to company settings tab

1. Select Legal entities
2. Select the legal entity for which you want to add the global payment solution.
3. Click on the Set up now option on the payments setup banner in the right navigation.

Step 2: Two-Factor Authentication 

The Owner or the Authorized Representative must set up the authentication for your account.

The next screen provides detailed information about "Remote Payments" and instructions on how to set them up. 

Step 3: Set Up Remote Payments

A comprehensive overview of all onboarding steps will be displayed on a single screen.

Step 4: Company Details

Enter your business registration number to find your company. If it doesn't appear, click "Add Details." You'll then need to provide company information, including registration address, business address, legal details, and upload business registration documents.

Step 5: Your Details

Ideally, a director-level or higher executive at your company should provide this information. If you don’t hold such a position, you can enter your own details and upload a Letter of Authorization when prompted. You'll need to complete the following fields: professional details, basic details, address details, and contact information.

Documents to be uploaded:

1. Letter of Authorization

   Click here to view the Power of Attorney (POA) sample if you don't have your own document. Fields in [ ] must be completed.

   • UK Entities: LOA (Letter of Authorization) signed by the director
   • EU Entities: POA (Power of Attorney) signed by the director

2. Proof of address
   • Acceptable documents for proof of address:
     Utility bills, Bank statement, Insurance statement, Medical Record, Payslip, Government-issued letter, Drivers license. (A driver's license can also be used as proof of address, even if it was not originally submitted as proof of identity.)
   • The document must be less than 90 days old when submitting.
   • Ensure the identification document has not expired.
   • If you are using your ID; upload a color copy of the identity document. (Black and white copies are not accepted.) Include both the front and back of the identification document in your upload.

Step 6: Stakeholder Details

Provide basic details about your company's directors and any Ultimate Beneficial Owners (UBOs) who hold more than 25% ownership in the company.

You'll receive an error message if you don't add at least one Ultimate Beneficial Owner (UBO) and one Director.

Step 7: The Account Usage Details

The account usage details information provided here helps assess operational risk and ensures full compliance. On this screen the customer will also accept the terms and conditions.  

Step 8: ID Verification

This is the final steps of the onboarding.

After completing the onboarding process

After you have successfully completed the onboarding, you will receive an email from Nium titled: Successful Customer Registration.

The Nium Compliance Team conducts final checks for company verification, which typically takes 24 hours from the time of final submission.

a. When the compliance check is successful

You will receive an email from Remote confirming your application's approval.

b. When additional information is needed after the compliance check

You will receive a notification, which will also be visible in the "Things to do" section on the Remote platform.

Tips for Smooth Onboarding

• Make sure the roles of "Owner" and "Authorized Representative" are clearly defined in your Remote account before starting the onboarding process.
• Respond promptly to any document requests from Nium to avoid delays.
• Ensure your entity's bank account can support international transfers in the required currencies.

FAQs

• Does this Remote Payroll Payments solution pay out for both salaries and statutory payments?
  • We currently includes only employee net salaries. Statutory payments for the UK and Europe are estimated to be available soon.
• When will the payout to employees be initiated?
  • Payouts to employees will only be initiated after funds are received into the customer's wallet.
  • Net salaries will then be paid to employees on the agreed-upon pay date.
• Is a local bank required for global payments?
  • Customer can fund payments with a non local bank, but they would incur the foreign exchange as it has to fund in the local currency.