The company’s cross-border payment network helps financial institutions globally to process transactions in over 120 countries. It supports popular local payment methods and currencies, ensuring that customers have a localised payment environment. The introduction of Dynamic Routing further extends Neema’s vision of building a globally connected financial ecosystem.
Neema is creating a real-time international payment network for banks and financial institutions around the world, specifically for hard-to-reach regions and complex payment methods.
International transactions between banks are traditionally facilitated through the SWIFT network, a system that links financial institutions. Despite its extensive use, Neema believes that its foundational protocol is outdated, resulting in costly and slow transactions, often susceptible to errors.
When funds are transferred between banks in different nations, the SWIFT network relies on a series of intermediary banks to move the funds. This creates a singular route from the sender to the recipient, typically involving multiple intermediary banks. This can lead to elevated fees, prolonged settlement times, and a lack of transparency.
Dynamic Routing aims to tackle all these challenges by enabling a simpler method for global money movement. The solution establishes more real-time routes between countries, with transactions undergoing instant analysis for exchange fees, speed, and reliability to identify the optimal route. This aims to personalise every transfer, even those taking place within the same region.
Moreover, the company’s AI-powered security and international reach deliver improved visibility into technical vulnerabilities and coverage, allowing Neema to address potential gaps. The company’s vision is to address the real-world challenges that businesses encounter when transferring funds across borders. The launch reflects a step forward in accomplishing this mission, offering speed, cost-effectiveness, and reliability.
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