Vitesse is a FCA-regulated fintech in the UK providing near real-time cross-border domestic payment services in 109 currencies to 172 countries and territories, to businesses and financial institutions via a globally distributed settlement network. It was founded with the purpose of transforming the international payments process and brings all reporting into a single platform for businesses to monitor and manage the flow of transactions, globally.
In our conversation with Stefan Burkwood, the Global Head of Banking and Expansion, we identified the following obstacles that needed resolution for Vitesse:
1) Slow Speed to Market:
With prospects seeking access to new countries such as Singapore, Australia, and India, Vitesse started groundwork to get local licensing. However, the estimated timeline was 9 to 12 months, a huge disadvantage in a highly competitive market with partnerships at stake.
2) Uneconomical Payment Transfers:
Traditional payment networks were expensive and inefficient; FX rates unpredictable, and banks were charging high beneficiary and routing rates. These hidden costs were a threat to customer experience and overall business profitability
As the company evaluated payment platforms, Nium stood out because of its ability to easily integrate into the countries they needed to win the deals, and eventually expand to new countries to create more efficient processes for existing clients.
1) Fast Integration:
By eliminating the cumbersome 9-to-12-month licensing approval wait time depending on the country, Vitesse could reach their desired markets much quicker than they thought possible. Nium’s API accelerated speed to market, thus helping close the deal they were in fear of losing.
2) Seamless Scaling Up:
Nium’s payment rails helped Vitesse to enter hard-to-reach markets, and quickly scale across Singapore, Malaysia, and Thailand. This enabled them to generate new business, and most importantly, lower costs for existing customers.
3) Powerful API:
Removing all guesswork, Nium’s easy-to-use API turned past complexities into opportunities. From quick market entry, straight-through processing, near real-time payments, enhanced customer support to lowered costs; the value delivered was evident.
As the company achieved accelerated transaction volume using Nium’s payment solutions, Stefan said: “Nium just ticks along; it just works.”
“We greatly value the ability to enter nascent markets with a partner that provides the flexibility and support needed to do so, giving us the ability and freedom to focus on developing our core strategic solutions,” added Vitesse CEO Phillip McGriskin.
1) Flexible Payment Rails:
Though the initial targeted access focused on Singapore, Malaysia, and Thailand, Nium’s seamless integration enabled Vitesse to achieve a broader presence in more countries (India, Pakistan, Nepal, and Bangladesh) after the commercial kickoff.
2) Higher Profits:
According to Stefan: “We were able to more than half our costs compared to paying through traditional payment routes. In terms of additional business, we increased by 10 to 15% from the existing client base” by accessing niche countries. Routing transactions through Nium’s payment rails was cost-effective, efficient, and secured better FX rates.
3) Dynamic Innovation:
Summarizing Nium as “efficient, supportive, and honest,” Stefan said that Nium’s technology, intuitive user interface, and commitment to client success made the transition easy for their team.