Nium, a global payments infrastructure provider, announced that financial institutions can now connect to its real-time payments network using their existing payment networks. quickly infrastructure.
This eliminates the need for complex and costly API integrations, making cross-border payments faster and more affordable.
By leveraging Swift MT and ISO 20022 messaging formats, nium It enables seamless connectivity for banks, facilitating faster payments and increased transparency.
ISO 20022 is also a new industry standard in the migration process, further streamlining cross-border payment processes.
Most payments on Nium’s network clear within 15 minutes, with 80% of transactions completed within this time.
Additionally, Nium uses global infrastructure to route MT/ISO messages through local payments and real-time payment rails.
This reduces intermediaries, resulting in fewer points of failure, better error handling, and improved data flow for financial institutions.
This initiative will also improve transparency of payment costs, with Nium ensuring real-time updates of Swift’s GPI tracker to ensure traceability of payments.
Nium shared that its “zero deduction” policy ensures that beneficiaries receive the full amount paid without incurring any additional fees.
Brazilian bank Ouribank, which processes over USD 29 billion of foreign exchange transactions, was one of the first banks to adopt this new connection.
“Our global network includes connectivity to all popular real-time payment systems. Integrating with a new set of APIs can require significant investment from already resource-constrained teams. We understand that there is gender.
This new feature makes it easy to redirect your existing payment flows to Nium, allowing you to benefit from the speed, transparency, and security of a real-time payment network almost instantly. ”
Alex Johnson, chief payments officer at Nium, said:
Featured image credit: Edited from freepic
