OwlPay taps Nium for global B2B cross-border payments

Monday 16 May 2022 13:56 CET | News

Taiwan-based blockchain services company OwlTing has teamed with Nium to support the former’s cross-border payments service, OwlPay.

OwlPay provides a one-stop financial services integration service for global B2B transactions. The new service covers automatic reconciliation, online currency swaps, and cross-border payment services, to streamline traditional payment processes and augment operational efficiency for enterprises.

Using developer-friendly APIs, OwlPay connects to business' internal management systems and provides a one-stop service for the administration of orders and providers, financial reconciliation, online audit, and payment process automation. In addition, Nium's exchange rate, settlement network, and support of more than 100 currencies with online currency exchange adds an advantage for businesses to complete real-time international remittance on the web interface.

OwlTing’s officials stated that the average cross-border remittance fee falls between USD 25 to USD 30 per transaction, while OwlPay charges lower than USD 10 with same-day settlement. Payees can receive full payments even for a small amount, which makes OwlPay tailored to the needs of global enterprises. In addition, OwlPay supports six currencies for deposit, and the funds can be directly exchanged to local currency for payouts.

By depositing funds to designated accounts in Singapore or Hong Kong in advance, enterprises can leverage OwlPay's worldwide network and payout to global vendors in a few clicks. Singapore- and Hong Kong-based enterprises can benefit from further cost reduction through domestic deposits and experience its services instantly.

OwlTing will first target Southeast Asia. As pointed out in the Southeast Asia Digital Economy Trend Report released by Google, Temasek Holdings, and Bain & Company, the Internet penetration rate in Southeast Asia in 2021 was up to 75%. The Gross Merchandise Volume (GMV) of the internet economy was up to USD 174 billion, and it is expected to reach USD 363 billion in 2025.

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Keywords: Nium, partnership, cross-border payments, B2B payments, API, remittance
Categories: Payments & Commerce
Companies: Nium, OwlTing
Countries: World
This article is part of category

Payments & Commerce




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