Monex Canada is the Canadian arm of the Monex group, a foreign exchange and international payments specialist. Alongside its core FX business, it runs an enterprise payment solutions team serving B2B clients who pay vendors and their own entities around the world. The group operates across Canada, the United States, the United Kingdom, Spain, and Singapore, and is growing quickly with bold expansion plans.
Monex Canada's clients are businesses paying vendors and their own entities across the world. They judge the service on two things: does the money arrive quickly and does all of it arrive.
In early 2026, Monex Canada went live on Nium Connect, sending Nium the Swift messages it was already using and having those payments delivered on local rails at the other end.
The result was a significantly wider currency offering, faster delivery into the longest corridors, and fewer deductions along the way.
The challenge
Monex Canada wanted to broaden the range of currencies it could offer clients. It also wanted to deliver more of those payments on local rails, rather than through the correspondent wire chain where handling and lifting fees quietly reduce the amount that reaches the beneficiary.
The team already instructed payments by Swift message and were comfortable working that way, so a route that used their existing method was the natural place to start.
"We were expanding the currencies we're able to provide to our clients," said Kate Fitzgerald, Head of Operations, Banking and DCS, at Monex Canada. "Nium seemed like a good complement to that suite."
The solution
The introduction came from inside the business. A colleague who had worked with Nium previously made the connection, and the group's US entity was already a client. Nium Connect had just launched.
"It seemed like a no-brainer," said Fitzgerald. "The setup was very painless, it was perfect."
Monex Canada sends a Swift message to Nium's BIC exactly as it would to any other counterparty. Nium translates it and routes the payment over local clearing rails in the destination market, with status updates returning by Swift.
The results
Monex Canada now offers clients around 44 currencies, with more in progress.
Because those payments settle locally rather than travelling along a correspondent chain, the beneficiary receives the full amount. "The end beneficiary gets the full value — they're not getting wire handling fees, lifting fees," said Fitzgerald. "Clients don't have to send an extra $20, $30. It might not seem like a lot, but if you're stacking up payments, it adds up."
Delivery times improved alongside cost. "Payments are faster, because clients get more flexible cut-off times and better value dates," said Tareq Rasheed, Senior Operations Manager at Monex Canada. "By wire it's T+2, T+3, especially into Asia. Now we can get next-day, or sometimes same-day, on some corridors."
Monex Canada has since recommended Nium to the group's UK entity, which is now working with the same team.
What's next
More currencies are on the way, each one opening another corridor where clients can be paid faster and in full.
Beyond that, Monex Canada is exploring incoming payments and stablecoins for treasury with Nium, with a clear view of where the use cases sit today.
"You guys are always at the forefront of something," said Fitzgerald. "There's always something new, and the communication and education piece around it has been fantastic. We learn with you."
