Following this announcement, FIs will have the possibility to leverage Swift capabilities and their existing Swift infrastructure in order to connect to Nium’s global real-time payments network. The partnership will provide an efficient and cost-effective solution for financial institutions and banks to connect to Nium’s global infrastructure, aiming to eliminate the need for costly and resource-intensive API integrations.
In addition, cross-border payments initiated via Swift can be completed on Nium’s network, resulting in faster settlement, end-to-end transparency, as well as full traceability for most popular corridors. Both Nium and Swift will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
For global businesses, the process of navigating disparate financial systems and message formats can represent a barrier to market expansion. The lack of standardisation, together with the overall need for tailored integrations, often limits access to new development opportunities.
However, as the industry moves to more standardisation, Niam aims to serve as a payment messaging facilitator, while also bridging the path to new optimisations. This will support Swift MT message formats and ISO 20022 messaging, the latter of which the industry is in the process of migrating as the new standard of cross-border payments across the world. In addition, the new capabilities will make it easy to redirect existing payment flows to Nium, as well as benefit from the speed, transparency, and security of the real-time payments network.
In addition, Nium receives MT/ISO messages and uses its worldwide infrastructure to route these messages through local clearing and real-time payment rails. At the same time, Nium will ensure that Swift’s GPI tracker is updated in real-time, allowing institutions to continue utilising this existing solution for payment traceability.
The initiative will limit integration efforts, streamline transaction screening, and monitored processes, while also providing transparency on payment costs, and minimising intermediaries — resulting in fewer points of failure, optimised error handling, and improved data flow. Additionally, given Nium’s `zero-deduction` flows, beneficiaries are set to receive the full amount sent, without additional fees.
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