Nium launches Global FX

Nium’s solution enables businesses to retain funds in more than 60 currencies, allowing for instant payments to employees and vendors globally. The company’s pricing structure aims to ensure that businesses can conduct FX trades with a single markup, while the FX rate comparison calculator allows real-time access to the last interbank rates and historical rates. Through this, businesses can compare costs from other providers and find hidden markups and fees.

According to officials, Nium’s payment infrastructure offers logistic capabilities so that customers receive transparency and visibility into where their money is and how much it costs to send. Moreover, the company announced a suite of products and features that focus on transparency, predictability, and reliability. Nium Chronometer optimises payment routing for time, market availability, and cost efficiency with artificial intelligence and machine learning-driven payment delivery estimation. The payment routing solution aims to address the issues of managing manual payment processes through multiple intermediaries.

With these introductions, Nium aims to enable banks, businesses, and platforms to address the challenges to real-time global money movement by simplifying global payment operations, logistics, and test integrations, routing payments optimally, and mitigating FX risk. 

With its payments infrastructure, Nium allows banks, fintechs, and businesses worldwide to collect, convert, and disburse funds instantly across borders. The company’s payout network supports 100 currencies and spans over 190 countries, with the ability for funds to be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Currently, Nium holds regulatory licences and authorisations in more than 40 countries, enabling simplified onboarding, accelerated integration, and compliance.

Recently, Nium expanded its B2B travel payments offering in the Asia Pacific (APAC) region, the announcement following the increased demand for the company’s virtual credit card solution globally. The company progressively introduces a combination of domestic issuing and funding in Hong Kong, Singapore, Australia, and Japan, planning to upgrade the payment experience for its new and existing customers within the APAC region.

Moreover, at the end of August 2023, Nium partnered with OZ Câmbio to launch a real-time payment rail to help Brazilian businesses transfer funds to major markets. Through this collaboration, OZ Câmbio leverages Nium’s global payout infrastructure to support businesses in completing payments from Brazil to countries such as China, Hong Kong, the US, and the UK.