Nium Expands Payments Platform with ‘Zero-Deduction’ Wire Transfers for Payroll and Procurement

4 Minute read
1 year ago

Cross-border payments leader removes deductions on global wire transfers, supports 7 new payout currencies, and provides real-time transaction tracking through SWIFT gpi

SAN FRANCISCO, Calif., USA – February 7, 2023 – Nium, the global platform for on-demand money movement, today announced zero-deduction wire transfers, additional currency support for global payouts, and real-time transaction tracking through SWIFT gpi. 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 enhanced offering includes:

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

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. The best part, 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. 

“Our mission at Nium is to make it easier and more transparent for businesses and financial institutions to move money around the world, on-demand,” said Robin Gandhi, Chief Product Officer at Nium. “By continuing to expand our global payments platform, offering more options for money movement, including removing deductions and adding more currency support for wire payments, we’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. 

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About Nium

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 to 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. Nium holds regulatory licenses and authorizations 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.

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Modern money movement and the global network that makes it possible.

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