SINGAPORE, April 23, 2024 /PRNewswire/ -- Nium, the global
leader in real-time cross-border payments, today announced the
expansion of its partnership with Thredd, a leading global payments
processor, to issue virtual cards in the Asia Pacific (APAC) region.
Nium's virtual card solution is used by travel intermediaries to
effectively pay hotels, airlines, and other global travel suppliers
with enhanced security, efficiency, and reduced costs. The
expansion comes as global B2B travel transaction volumes are
projected to reach $1.7 trillion by
2027, according to Thredd's latest report, with the APAC region the
fastest-growing market expected to reach $480 billion in the same year.
By integrating Thredd APIs into its single platform for instant
global payments, Nium has been able speed up transactions to 200
milliseconds when issuing and loading virtual cards in nearly 30
countries worldwide. Certified by Visa and Mastercard to process
credit, debit, and prepaid card transactions globally on one
platform, via the partnership Thredd also enables Nium to increase
acceptance rates and guarantee card scheme protection for its
travel intermediary customers. Together, the fintech duo have
issued 86 million virtual cards globally since 2018.
Powered by Thredd's global processing capabilities, Nium has
successfully launched local issuing in Singapore as part of its strategic expansion
in B2B travel payments across APAC. In the last 12 months, Nium has
doubled APAC travel customer revenue and seen a 75% increase in
virtual card transaction volumes in the region.
"APAC presents a substantial opportunity for global travel
intermediaries that will in turn spur robust competition, a boon
for consumers, and accelerated growth for the global travel
ecosystem. Fuelling this unmistakeable growth is the rise of
innovative B2B travel payment solutions, like that offered by Nium.
Our long-standing collaboration is a great example of how fintech
partnerships are propelling other industries forward," said
Jim McCarthy, CEO at Thredd.
"With a world of travel options now available in the palm of
your hand, travel intermediaries and their hotel partners are
under increasing pressure to reduce costs whilst maintaining a
compelling customer experience. Virtual card payments are a
game-changer for the travel industry, enabling intermediaries to
improve cash flow for their hotel partners, in turn driving better
prices and deeper connections with consumers. With Thredd's
technology, we can continue to meet the evolving needs of the
travel ecosystem on a global scale, now and in the future," said
Spencer Hanlon, Global Head of
Travel Payments at Nium.
Download Nium's latest research on how virtual cards are
transforming the travel payments landscape here.
About Nium
Nium, the global leader in real-time, cross-border payments, was
founded on the mission to deliver the global payments
infrastructure of tomorrow, today. With the onset of the global
economy, its payments infrastructure is shaping how banks,
fintechs, and businesses everywhere collect, convert, and disburse
funds instantly across borders. Its payout network supports 100
currencies and spans 190+ countries, 100 of which in real-time.
Funds can be disbursed to accounts, wallets, and cards and
collected locally in 35 markets. Nium's growing card issuance
business is already available in 34 countries. Nium holds
regulatory licences and authorizations in more than 40 countries,
enabling seamless onboarding, rapid integration, and compliance –
independent of geography. The company is co-headquartered in
San Francisco and Singapore.
About Thredd
Thredd is the trusted next-gen payments processing partner
for innovators looking to modernise their payments offerings
worldwide. Processing billions of debit, prepaid and credit
transactions annually, serving over 100 fintechs, digital banks,
and embedded finance providers, from consumer to corporate, across
44 countries.
Thredd's assured solution accelerates the development and
delivery of consumer and corporate payments components embedded
within digital banks, as well as for expense management, B2B
payments, crypto, lending, credit, Buy Now Pay Later ("BNPL"), FX,
remittance, and open banking innovators. Thredd has enabled market
leaders since 2007 and has a highly reliable platform with 99.99%
availability. Thredd's highly customisable solutions on our
API-first platform, surrounded by our in-depth industry expertise,
value-added services, global presence, and technical resilience,
are designed to scale with ease. Thredd is certified by Visa
and Mastercard to process transactions globally.
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