The expansion takes a more inclusive route,
serving emerging and developing markets.
SAN FRANCISCO, July 31, 2024 /PRNewswire/ -- Nium, the
global leader in real-time cross-border payments, today announced
the expansion of its local funding and collection capabilities to
more than 40 countries and 15 currencies, with more to come. The
move makes Nium one of the only providers to offer a network this
wide. Customers can now access the broadest range of local
currencies through wires and local payment rails, with an extensive
selection of currencies tailored to meet the diverse needs of
various markets, including developing and emerging economies.
Businesses often face challenges with moving money across
borders — whether it is local businesses sending money abroad or
global businesses collecting funds locally — due to the
limited availability of certain currencies and the need to optimize
cash flow and liquidity. Nium's local currency account offering
makes it faster and more cost-effective for businesses, digital
platforms, and marketplaces to receive money in the desired
country, either for their business or for their customers, without
having to manage the complexity of setting up a local entity or
opening and managing additional operating accounts.
Through its global network of licenses, Nium offers local
currency account details in more than 15 currencies, with newly
added capabilities in Brazil,
Denmark, Indonesia, the Philippines, Poland, and the
UAE, with Mexico and New Zealand expected to follow shortly. These
new markets join others including Australia, Canada, EEA, Hong
Kong, Japan, Singapore, the UK, and the US.
"Payments companies have underserved access to and from emerging
markets, choosing to focus on the G20," said Alex Johnson, Chief Payments Officer at Nium.
"However, to create a truly global enterprise, companies need to be
able to access a wide network of markets where their buyers and
sellers are domiciled. We now enable more businesses to receive in
local currencies for global business needs, allowing them to be
more competitive on a global scale. This breadth makes Nium the
go-to choice for businesses looking to expand their global
reach."
This expansion is key for many of the industries Nium serves
including marketplaces, payroll, and financial institutions. This
opens the future ability for Nium's customers in emerging markets,
including direct debit for collections from their customers, FX,
split payments, local card settlement and much more. Today for
example, a payroll customer in Singapore can use local account details in
Singapore to fund their local Nium
account in Singapore dollars and
send funds to their global workforce.
Nium customers can access these local account capabilities
through existing APIs, making it easy for them to start quickly and
scale at speed. Nium's local account details offer customers
the convenience of:
- Reduced funding or collections overhead by eliminating the
costs involved with cross-border wire transfers and lack of
transparency in FX conversions
- Increased transaction speed by utilizing local real time
payment rails like Instapay (PH), PIX (BR), SPEI (MX), and many
more
- Eased payment reconciliation with real time transaction alerts
along with transparent sender information
- Scaled global business without the overhead of setting up
operations in certain emerging markets
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 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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