Real-time cross-border payments provider, Nium is expanding its local funding and collection capabilities enabling its customers greater access to a range of local currencies through wires and local payment rails.
The announcement has seen Nium expand its capabilities to more than 40 countries and 15 currencies. This meets the growing demands of organisations as they look to meet the diverse requirements of different markets, including developing and emerging economies.
Moving money can be challenging for businesses both locally and globally. This is due to the limited availability of certain currencies and the need to optimise 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.
New additions
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
the UAE
Mexico and New Zealand are expected to follow shortly. These new markets join others including Australia, Canada, EEA, Hong Kong, Japan, Singapore, the UK, and the US.
Alex Johnson, chief payments officer at Nium
“Payments companies have historically 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.”
Serving multiple industries across the globe
This expansion is key for many of the industries Nium serves. This includes marketplaces, payroll, and financial institutions. It 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 in more than 100 currencies and 220 markets.
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 utilising 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.
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