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Nium and Kinexys partner to enhance cross-border payment accuracy

Thursday 7 November 2024 13:49 CET | News

Nium has strengthened its partnership with Kinexys by J.P. Morgan to improve the accuracy of cross-border payments in Malaysia, Thailand, and Hong Kong. 

 

Nium’s account verification service, Nium Verify, is now integrated with Confirm, Kinexys' global platform for account validation. According to the announcement, this collaboration makes Nium the first fintech company to supply data for verifying bank account information in these regions. 


Through this partnership, financial institutions can confirm beneficiary account details before executing payments, minimising errors, misrouted payments, and fraud by using a collective network of insights. This solution aims to reduce unnecessary fees, delays, and enhance customer satisfaction. 

 

Nium has strengthened its partnership with Kinexys by J.P. Morgan to improve the accuracy of cross-border payments in Malaysia, Thailand, and Hong Kong.

 

A recent market analysis indicated that high-value payment returns in 2020 suggested millions in potential savings and a reduction in delays by up to four days. The integration of Nium Verify is powered by Liink, a blockchain-based platform from Kinexys. Liink, developed by Kinexys, enables secure and private data exchange among a global network of institutions, including banks, credit unions, fintechs, and digital banks. This scalable network provides streamlined payment processing while maintaining data sovereignty, security, and privacy. 

Expanding global reach 

Globally, Nium Verify operates across more than 50 markets, offering real-time account detail validation. 

Officials from Kinexys commented that the addition of these new markets for Nium’s data coverage will extend Confirm's global reach even further, adding incremental value for network participants without requiring additional technological upgrades. This aligns with Confirm’s mission to provide worldwide account verification services through a single, secure network.  

Officials from Nium added that this partnership supports the company's mission to make cross-border payments simpler and more efficient for businesses globally. By utilising its account verification tools, we are reducing barriers in international payments, fostering a more effective, secure, and compliant payment ecosystem. 

Source: Link


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Keywords: cross-border payments, bank account, fintech, partnership, financial institutions
Categories: Payments & Commerce
Companies: J.P. Morgan, Nium
Countries: Hong Kong, Malaysia, Thailand
This article is part of category

Payments & Commerce

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J.P. Morgan

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