Nium Addresses Global Payment Visibility Challenges with New Platform Enhancements
We’ve heard from customers how frustrating it is to not know where funds are as they travel around the world. It’s not only a cause of customer dissatisfaction, but also results in lost revenue. Today, we unveiled three new enhancements to the Nium platform that aim to provide greater visibility into cross-border payments and ease of integration for clients.
- Payee validation;
- Real-time tracking via Swift GPI integration; and,
- Batch Payouts on the Nium Portal
Our technology teams have been working alongside customers to solve one of the hardest pain points in moving money – visibility. We're bringing these payments into the light by making aspects of the transaction transparent for customers. Additionally, we are continuing to improve the Nium Portal by allowing for no-code integration. Our goal has always been to make payments more reliable, transparent, and visible - and these new enhancements do just that.
Read more here or click the links for full deep dives into each feature:
Confirmation of Payee: Elevating Customer Experience
Confirmation of Payee is Nium's strategic solution to reduce return rates and enhance the overall customer experience. This feature allows clients to validate bank account information, ensuring accuracy and alignment with registered account holder details. Currently supported in 12 countries, with plans for expansion, Confirmation of Payee simplifies the verification process through a seamless integration into existing systems via an intuitive API.
Swift GPI Integration: Comprehensive Tracking for Cross-Border Remittances
To address the lack of end-to-end visibility in cross-border remittances, Nium introduces Swift GPI Integration. Leveraging the Swift GPI messaging system, the feature enables customers to comprehensively track Swift wire transactions from initiation to beneficiary crediting. With over 4000+ banks globally adopting Swift GPI, Nium extracts additional details to enhance tracking, providing real-time updates and reducing waiting times, efforts, and costs associated with delayed transaction tracing.
Batch Payouts Enhancement: Streamlining Multiple Transactions
Nium Portal has received a significant upgrade, with Batch Payouts, allowing seamless processing of multiple transactions. With automated processing and no coding required, businesses can effortlessly manage batch payouts, ensuring accuracy through real-time monitoring and automatic data validation. The enhanced Beneficiary Management feature simplifies the creation and management of beneficiaries within a batch. The platform's scalability accommodates varying transaction volumes, and detailed reports offer valuable insights for better financial management.
Visibility and Transparency Go Hand in Glove
These new features complement the work done in 2023 that focused on transparency. In October, Nium launched Nium Global FX, a product that allows for guaranteed and competitive FX rates. This included the ability to lock and hold an FX rate for up to 24 hours and settle FX conversions on a future scheduled date, which helped businesses mitigate the risk of currency fluctuations and improve cash flow. The company also introduced the FX rate comparison calculator which enables real-time access to the last interbank rates as well as access to historical rates so you can compare costs from other providers and reveal the hidden markups and fees.