Nium Addresses Global Payment Visibility Challenges with New Platform Enhancements

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.