Nium introduces Verify for real-time account verification

This tool aims to reduce errors, improve operational efficiency, and mitigate compliance risks, increasing confidence in real-time payment finality.

Failed payment transactions cost global economy USD 118.5 billion

As companies expand internationally, the demand for precise and secure payment processing has become essential. In 2020, failed payment transactions were estimated to have cost the global economy USD 118.5 billion, presenting a significant opportunity for potential cost reductions. Traditional account verification methods are often lengthy, prone to errors, and vulnerable to fraud. 

Nium Verify intends to remove these issues by directly connecting with systems and major banks in each country, allowing instant validation of beneficiary account details before initiating transactions. Furthermore, Verify can simplify the onboarding process for marketplaces, as payments do not need to occur immediately after verification.

Nium Verify upgrades the experience for Nium's customers by offering:

• Decreased payment failures: incorrect account details are a primary cause of payment failures, with rates often reaching between 10-15%. Verify provides real-time validation of account information, which lowers failure rates and helps prevent delays;

• Fraud prevention and compliance: Nium Verify ensures that account details align with the registered account holder, reducing the risk of fraud while adhering to regulatory standards in regions such as the UK and EU;

• Improved operational efficiency: by automating the verification process through a single API, Nium Verify removes the need for manual intervention, lowering operational costs and speeding up payment processes;

• Faster settlements: traditional verification methods can take several days. Nium Verify's real-time approach minimises settlement delays by up to 5-7 days, facilitating faster and more reliable payments.

Verify includes all major banks in accessible markets, ensuring comprehensive and reliable account verification. The launch of Verify, alongside Nium's newly introduced feature that allows financial institutions to use Swift capabilities and their existing infrastructure to connect with Nium's network, increases the company's extensive global payments solution.