Nium joins Singapore’s FAST and PayNow Networks
Singapore, September 7, 2023 -- As a new participant into the FAST and PayNow networks, Nium strengthens its commitment to reshaping the landscape of global real-time payments. The networks, renowned for their swift and secure electronic fund transfer services, enable seamless and instantaneous SGD fund transfers between accounts/e-wallets held across both banks and non-financial institutions (NFI) within Singapore.
Introduced in March 2014, FAST first served bank participants, later extending its scope to encompass NFI participants in February 2021. Nium now stands among a growing group of non-financial institutions participating in this cutting-edge initiative, alongside 30 banks across the world. Similarly, PayNow has been in place since July 2017 initially catering to bank participants through the FAST system. Its coverage expanded significantly in February 2021 to include NFI participants, of which now Nium is a part.
Typically, Nium moves money across borders through different local clearing systems, usually through banking partners. By integrating with FAST and PayNow directly, additional steps and parties in the payment process are eliminated, thus adding more efficiency & resilience to customer payments in Singapore.
Anupam Pahuja, Nium's Executive Vice President and General Manager of Asia Pacific, Middle East and Africa, said, "Joining the FAST and PayNow networks is a pivotal step towards shaping the future of global real-time payments. In line with the Monetary Authority of Singapore’s (MAS) vision, Nium is now a new NFI accessing the network to be able to offer cross-border real-time payments into Singapore. We are already able to do this in Europe through the SEPA network and are looking at integrating directly into clearing systems across many more countries."With direct integration into the FAST and PayNow networks in Singapore, Nium will be able to provide virtual account numbers and PayNow proxy’s to customers, as well as send and receive local SGD in customers' names.
As Nium continues to pave the way for unparalleled financial solutions, its inclusion in the FAST network underscores its commitment to delivering fast, secure, and transparent payment experiences for customers worldwide.
Nium, the leader in real-time global payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse 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 more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.