Numeral launches Swift payments

As a payment technology provider, Numeral delivers the infrastructure for fintechs and banks to connect to partner banks, access schemes, and automate payment operations. According to the company’s officials, Numeral aims to enable firms to process large volumes of payments to develop an improved payment infrastructure for specific needs in addition to partner banks of choice. By introducing Swift payment capabilities to its customers, the company intends to expand their payment reach while maintaining the capabilities of managing all their payments from a single platform.

Furthermore, the addition of Swift payments enables Numeral’s users to leverage Swift’s global reach merged with the decreased cost and increased local reach of local payment schemes. By utilising Numeral’s services, companies receive the ability to programmatically manage payments through the banks and schemes that fit their needs and requirements without developing multiple integrations. The press release also underlines that the additional capabilities offered by Numeral include sending and receiving Swift payments through partner banks, automatic reconciliation for corresponding bank account transactions, and programmatic access to currency account statements, including the most recent available balances.

Representatives also highlighted that Numeral intends to pursue a more global, as well as a more local strategy in the upcoming period. The company plans to support more European payment schemes and integrate with additional banks based in the region while also including more global payment options into its platform through global networks like Swift and banks like J.P. Morgan, BNP Paribas, and HSBC.

With its payments, reconciliations, treasury, and risk and fraud management features, Numeral aims to support its customers in launching additional products and expanding geographically, while minimising the total cost of ownership and making their payments more resilient. Currently, the company offers the payment infrastructure for European fintechs such as Swile, Spendesk, and Alma, and entered partnerships with banks, including Barclays, HSBC, BCE, BNP Paribas, and ABN AMRO.

In addition to the latest announcement, Numeral also entered a strategic collaboration with Basikon in September 2023, aiming to facilitate the accelerated launch of additional lending products for fintechs and financial institutions. The alliance also introduced native access to SEPA, UK Bacs, and FPS payment schemes through partner banks.

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