Nium, the leading global infrastructure for real-time cross-border payments, today announced the launch of Nium Verify, a real-time bank account verification solution for businesses and individual accounts, available across 50 markets. Designed to empower businesses with instant verification of beneficiary bank account details, Nium Verify aims to reduce errors, operational inefficiencies, and compliance risks, increasing the confidence of the finality of real-time payments.
As companies expand internationally, the need for accurate and secure payment processing has become critical. In 2020, failed payments were estimated to cost the global economy $118.5 billion, creating a huge opportunity for cost savings as well. Traditional methods of account verification are often time-consuming, error-prone, and susceptible to fraud. Nium Verify addresses these challenges by integrating directly with clearing systems and major banks within each country, providing instant confirmation of beneficiary account details before transactions are initiated. Additionally, Verify can be used to streamline onboarding for marketplaces, since the payment does not have to immediately follow the verification.
"Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe,” said Alex Johnson, Chief Payments Officer at Nium. “With Nium Verify, we're providing a solution that not only enhances operational efficiency, but also strengthens security and compliance for cross-border transactions. This helps businesses verify account details with confidence, eliminating costly misdirected payment, preventing fraud and improving customer experience."
Nium Verify benefits Nium’s customers by providing:
- Reduced Payment Failures: Incorrect account information is a leading cause of payment failure, with failure rates often ranging between 10-15%. Verify ensures real-time verification of account details, reducing failure rates and preventing delays.
- Fraud Prevention and Compliance: Nium Verify ensures that account details match the registered account holder, mitigating fraud risks while meeting regulatory requirements in regions like the UK and EU.
- Operational Efficiency: By automating the verification process through a single API, Nium Verify eliminates the need for manual intervention, reducing operational costs and expediting payment processes.
- Faster Settlements: Traditional verification methods can take days. Nium Verify’s real-time process reduces settlement delays by up to 5-7 days, allowing for faster and more predictable payments.
"Worldpay processes over 50 billion transactions for an estimated value of $2.3 trillion, and ensuring these payments reach their intended recipients is a top priority," said John McNaught, Head of Payouts at Worldpay, a Nium customer. "Nium Verify is one of the only solutions on the market that allows us to verify account ownership in real-time across multiple markets, potentially saving us millions in costs associated with reconciling misdirected payments. We’re looking forward to integrating this technology into a seamless customer experience that reduces payment failures, mitigate fraud, eliminate manual verification, and improves operational efficiencies."
“At ORO, our goal is to humanize and streamline procurement for large enterprises, and a big part of that charter lies with supplier-related risk management,” said Sudhir Bhojwani, CEO at ORO Labs. “Nium Verify can help support that goal by enhancing the efficiency and security of our customers’ global supplier payments, where fraud is a common concern. The ability to instantly validate beneficiary account details is a game-changer for our customers, and the real-time process can help them with improved efficiency and compliance, while adding confidence to global B2B transactions."
Verify covers all major banks within available markets, providing reliable and comprehensive account verification. The launch of Verify, alongside Nium's recently announced capability that allows financial institutions leverage Swift capabilities and existing infrastructure to connect to Nium’s network, deepens the company’s comprehensive global payments offering.