San Francisco -- July 31, 2024 -- 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 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.”
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 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:
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Reduced funding or collections overhead by eliminating the costs involved with cross-border wire transfers and lack of transparency in FX conversions
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Increased transaction speed by utilizing local real time payment rails like Instapay (PH), PIX (BR), SPEI (MX), and many more
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Eased payment reconciliation with real time transaction alerts along with transparent sender information
