Nium’s Zero-deduction Global Wire Transfers Are A Hit With Alawneh Exchange’s Corporate Customers

Executive Summary

Alawneh Exchange, a Exchange house operating in Jordan, chose to partner with Nium instead of banks to expand its international payout capabilities. While many fintech players opt to partner with banks as a natural first step, Alawneh Exchange realized that doing so could lead to increased cost and complexity and put roadblocks in the way of achieving a truly global scale. By partnering with Nium, Alawneh Exchange was able to achieve speed and scalability, enabling them to compete in the highly competitive local market.

The Challenge

Alwaneh Exchange, one of Jordan’s leading money transfer and currency exchange providers, faced strong competition from local banks and fintech players while serving consumers looking to send remittances abroad. In an effort to expand its offerings to business customers, it sought a partner capable of offering a wire transfer service that supported payments in U.S. dollars—the currency of global trade.

Deputy general manager, Assad Alawneh, found that building the global infrastructure Alawneh Exchange needed would have required a complex network of participating banks.

A second challenge was the poor customer service typically offered by banks. Rigid business processes and difficulty finding the right banking contact to help troubleshoot problems were highlighted as key issues. In the end, Alawneh chose Nium for its flexibility, customer focus, and scale.

The Solution

Alawneh Exchange is taking advantage of Nium’s new zero-deduction wire transfer service for financial institutions. The offering supports seven payout currencies, including U.S. dollars, and delivers real-time transaction tracking through SWIFT gpi, to improve the traceability of wire transfers. A zero-deduction fee structure applies to OUR payments, with shared costs applicable through SHA structures.

With the help of Nium, Alawneh Exchange was able to establish a highly reliable, secure, and speedy global payments system, with transfers taking just minutes. Additionally, Nium’s transparency ensured that every customer of Alawneh Exchange knew the exact cost of their payments before sending a payment abroad.

Onboarding was smooth, thanks to flexibility from Nium’s side, which helped Alawneh Exchange navigate new local regulations from the Jordanian central bank.

The new Nium zero-deduction wire transfer solution met Alawneh Exchange’s requirements for supporting U.S. dollar payouts worldwide—differentiating itself in the market with a service it could trust.