Global payment infrastructure provider nium We have expanded our partnership with JP Morgan’s Kinexys (formerly Onyx) To improve the accuracy of cross-border payments in Malaysia, Thailand and Hong Kong.
This makes Nium the first fintech in these markets to provide data to verify bank account details.
Nium Verify, a service that provides account beneficiary insights, is now integrated with confirm, Kinexys’ global account verification platform.
This collaboration allows financial institutions to verify recipient account details before processing payments, reducing errors, incorrect payments, and fraud through collective network intelligence.
This solution helps prevent unnecessary fees, delays, and customer dissatisfaction.
High payout returns in 2020 highlight the potential to save millions of dollars and reduce delays by up to four days, according to market assessments.
The integration with Nium Verify is powered by Liink, Kinexys’ blockchain-based platform.
Liink, a blockchain-based platform developed by Kinexys, facilitates the secure exchange of personal information between global institutions such as banks, credit unions, fintechs, and digital banks.
This scalable network ensures streamlined payment processes while maintaining sovereignty, security, and privacy.
Nium Verify operates in over 50 markets globally and provides real-time verification of account details.
“The additional markets in which Nium can provide data coverage further expands Confirm’s global reach and allows us to deliver additional value to contact participants on our network without requiring additional technology improvements. It will look like this.
This is in line with confirm’s goal of providing global account verification services through a single secure network. ”
Zach Chesnutt, global head of business development for Kinexys Liink and Kinexys Digital Payments, said:
“This partnership aligns with Nium’s mission to simplify and streamline cross-border payments for businesses around the world.
By leveraging account verification capabilities, we are reducing friction in global payments and creating a more efficient, secure and compliant payments ecosystem. ”
Alex Johnson, chief payments officer at Nium, said:
