Global Payments Company Nium has expanded its local financing and collection services to over 40 countries and 15 currencies, with plans to continue expanding.
This expansion will enable Nium to offer a wider range of local currencies through wire transfers and local payment systems, helping it meet the needs of a range of markets, including developing and emerging economies.
The expansion is aimed at simplifying cross-border transactions, which are often difficult due to limited availability of currency and complex cash flow management.
Nium’s new local currency account service gives businesses, digital platforms and marketplaces a more efficient and cost-effective way to receive payments, eliminating the need for local legal entities or additional operational accounts.
The company has launched these services in Brazil, Denmark, Indonesia, the Philippines, Poland and the UAE, with plans to expand to Mexico and New Zealand.
This will expand existing networks in Australia, Canada, the European Economic Area, Hong Kong, Japan, Singapore, the UK and the USA.
These new capabilities will be particularly beneficial to industries such as marketplaces, payroll and financial institutions, enabling them to operate more efficiently in emerging markets.
For example, payroll customers in Singapore can now use their local account details to manage payments to employees around the world in Singapore dollars.
Nium’s local account functionality is accessible through existing APIs, making it easy to integrate and extend.
Benefits of the service include reduced overhead costs, faster transaction speeds, and simplified payment reconciliation with real-time transaction alerts.
“Payments companies have lacked access to emerging markets and have chosen to focus on the G20. But to create a truly global enterprise, companies need access to a broad network of markets where their buyers and sellers are based.”
More businesses can now receive their global business needs in local currency, helping them to become more competitive on a global scale. This breadth makes Nium the go-to choice for companies looking to expand globally.”
“We are excited to partner with Nium to bring our blockchain-based blockchain technology to the world,” said Alex Johnson, chief payments officer at Nium.
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