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News

Nium develops its funding and collection features

Thursday 1 August 2024 13:12 CET | News

US-based payments provider Nium has announced the extension of its local funding and collection features to over 40 countries and 15 currencies.  

With this expansion, Nium is set to enable customers with access to a broad range of local currencies via wires and local payment rails, delivering them a selection of currencies personalised to meet the needs of several markets, including developing and emerging economies. The decision to further extend its offering can be attributed to the current environment, where businesses often encounter difficulties when sending or collecting funds due to the limited availability of currencies, as well as the need to improve cash flow and liquidity.

Nium has announced the extension of its local funding and collection features to over 40 countries and 15 currencies.

Through its local currency account offering, Nium plans to allow businesses, digital platforms, and marketplaces to benefit from more cost-effective and efficient ways to receive money in the chosen country. In addition, the firm’s global network of licences provides local currency account details in over 15 currencies, with recently added features in Brazil, Denmark, Indonesia, the Philippines, Poland, and the UAE. As part of the press release, Nium mentioned its plans to launch its services in Mexico and New Zealand in the upcoming period, with these markets joining several others, including Australia, Canada, EEA, Hong Kong, Japan, Singapore, the UK, and the US.

Nium’s development strategy

According to Nium’s officials, the current news intends to offer companies access to a wide network of markets where their buyers and sellers are domiciliated, allowing them to receive in local currencies for global business needs and scale their operations. Through this expansion, the firm aims to meet the needs of the businesses it serves, including marketplaces, payroll, and financial institutions. Also, the move plans to assist Nium’s customers in emerging markets, including direct debit for collections from their customers, FX, split payments, and local card settlement, among others.

Furthermore, Nium’s customers can access the local account features via existing APIs, with the company’s local account details providing them with minimised funding or collections overhead, increased transaction speed, simplified payment reconciliation, and scaled global expansion capabilities.

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Keywords: product launch, cross-border payments, cross-border ecommerce, online payments, digital payments
Categories: Payments & Commerce
Companies: Nium
Countries: World
This article is part of category

Payments & Commerce

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Nium

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