Nium upgrades to 'Zero-Deduction' wire transfers for payroll and procurement

The move benefits financial institutions, payroll, and procurement firms seeking lower costs, broader reach, greater transparency, and faster settlement of cross-border wire transfers.

Nium's new offering comprises:

• Zero-Deduction fee structures, allowing no-limit 'zero-deduction' wire transfers through OUR, or shared costs through SHA structures;

• Payouts via wire transfers in 7 major global currencies, including USD, EUR, GBP, AUD, CAD, HKD, and SGD;

• Sender to beneficiary details, ability to pass through the name of the ultimate sender to the beneficiary;

• Transaction tracking via SWIFT gpi, helping improve traceability of wire transfers.

Facilitating low-cost cross-border business

Now, each time a Nium customer sends a payment abroad, they'll know exactly how much it will cost before initiating the wire transfer, who sent it, and be able to track it in real-time. Whether enabling global payroll, B2B invoicing, or supplier payments, every wire transfer will arrive at its destination within minutes, and without any unexpected deductions. Another advantage is that companies can simply send Nium the same wire instructions they are already using - there is no additional work required to take advantage of these features.

According to Nium, its mission is to make it easier and more transparent for businesses and financial institutions to move money around the world, on-demand. By continuing to expand their global payments platform, offering more options for money movement, including removing deductions and adding more currency support for wire payments, they're helping more companies cover more parts of the world - all at significantly lower costs and faster speeds.

As part of the platform expansion, Nium is also providing easier liquidity and FX management for financial institutions and businesses, allowing funding via wire transfers in 15 new currencies, including USD, EUR, GBP, CAD, JPY, AUD, HKD, SGD, NZD, CHF, DKK, NOK, SEK, SAR, and AED.

Nium's payout capabilities solve an important payment need for financial institutions and their customers. Additionally, the expansion offers these businesses a more complete suite of payment solutions through a single integration with Nium.

What does Nium do?

Nium was founded on the mission to build the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its single platform for global payments and card issuing is shaping how banks, fintechs, and businesses everywhere disburse and collect funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets.

Nium's growing card issuance business is already available in 34 countries. It holds regulatory licenses and authorisations in over 40 countries, enabling seamless onboarding, rapid integration, and compliance - regardless of geography. The company is headquartered in San Francisco, with regional offices in Singapore, London, Amsterdam, Hong Kong, Mumbai, Bengalaru, and Chennai.