The initiative allows banks to make payments through Nium
using their existing Swift capabilities, eliminating the need for
complex API integration and lowering cost of cross-border
transfers
BEIJING, Oct. 20,
2024 /PRNewswire/ -- Nium, the
leading global infrastructure for real-time cross-border payments,
today announced that financial institutions can now leverage Swift
capabilities and their existing Swift infrastructure to connect to
Nium's global real-time payments network. This connection provides
an efficient and cost-effective solution for financial institutions
to connect to Nium's global infrastructure, eliminating the need
for costly and resource-intensive API integrations. Cross-border
payments initiated via Swift can be completed on Nium's network,
resulting in faster settlement, end-to-end transparency, and full
traceability for most popular corridors.
For global businesses, navigating disparate financial
systems and message formats can be a barrier to market expansion.
The lack of standardization, coupled with the need for tailored
integrations, often limits access to new opportunities. However, as
the industry moves to more standardization, Nium looks to serve as
a payment messaging facilitator, supporting existing messaging
formats, while bridging the path to new standards. This connection
supports Swift MT message formats and ISO 20022 messaging, the
latter of which the industry is in the process of migrating as the
new standard of cross-border payments worldwide.
"Nium has become the connecting point to the world of
real-time money movement," said Alex
Johnson, Chief Payments Officer at Nium. "Our global
network includes connections to all the popular real-time payment
systems. We understand that integrating with a new set of APIs can
require significant investment from already resource-constrained
teams. This new capability makes it easy to redirect existing
payment flows to Nium and benefit almost immediately from the
speed, transparency, and security of our real-time payments
network."
More than 80% of payments completed on Nium's network will
settle within 15-minutes, an important consideration in today's
on-demand economy. Nium receives MT/ISO messages and uses its
global infrastructure to route these messages through local
clearing and real-time payment rails. Nium ensures
that Swift's GPI tracker is updated in real-time, allowing
institutions to continue leveraging this existing solution for
payment traceability.
The initiative limits integration efforts, streamlines
transaction screening and monitoring processes, provides
transparency on payment costs, and minimizes intermediaries —
resulting in fewer points of failure, better error handling, and
improved data flow. Additionally, given Nium's "zero-deduction"
flows, beneficiaries are guaranteed to receive the full amount
sent, without additional fees.
Ouribank, one of Brazil's leading foreign exchange banks with
more than USD$29 billion in
transactions processed, is one of the first financial institutions
to implement this connection. "The connection of Ouribank with Nium
through the Swift network represents a significant advancement for
our international operations," said Bruno Foresti, Director at Ouribank. "This
initiative allows us to perform international payments instantly (a
major differentiator of Nium) and reliably, ensuring that our
customers can transfer funds securely and efficiently. This
integration with Swift into the Nium network, strengthens our
ability to offer innovative and high-quality financial solutions,
with real-time payments aligned with our mission to transform
borders into possibilities."
For more information on how to connect to Nium via Swift,
visit here.
About Nium
Nium, the leading global infrastructure for 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 220+ markets, 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 authorisations 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.
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SOURCE Nium