Nium Integrates Swift to Expand Global Payments Reach

Nium, a cross-border payments infrastructure provider handling transactions in 100 currencies across 220 markets, has launched Swift connectivity for financial institutions to access its payments network without requiring API integration.

The Beijing-based company's initiative enables banks to route payments through their existing Swift infrastructure to access Nium's settlement network, which processes transactions in 100 markets with immediate settlement capability.

Industry Standards Evolution

The connection supports both Swift MT messages and ISO 20022 messaging formats. ISO 20022 is becoming the global standard for cross-border payment messaging, offering enhanced data structure and interoperability between financial systems.

As the payments sector moves towards standardisation, Nium positions itself as a messaging facilitator, supporting existing formats while preparing for emerging standards. 

This approach addresses the fragmentation in global financial messaging systems that have historically complicated cross-border transactions.

Financial institutions can maintain payment tracking through Swift's GPI (Global Payments Innovation) tracker, which provides end-to-end visibility on cross-border payments. Nium updates the tracker as transactions progress through its system.

The company reports that more than 80% of payments processed through its infrastructure settle within 15 minutes. Recipients receive the full payment amount without deductions, through what Nium terms ‘zero-deduction flows’.

Market Implementation and Benefits

Ouribank, a Brazilian foreign exchange bank processing more than USD$29bn in transactions, has implemented the Swift connection.

“This initiative allows us to perform international payments instantly and reliably, ensuring that our customers can transfer funds securely and efficiently,” says Bruno Foresti, Director at Ouribank. 

“This integration with Swift into the Nium network strengthens our ability to offer innovative and high-quality financial solutions, with real-time payments aligned with our mission to transform borders into possibilities.”

The development addresses several technical challenges in cross-border payments. Banks often face barriers to market expansion due to disparate financial systems and message formats. 

Traditional integration methods typically require significant technical resources and investment in API development.

The service provides transparency on payment costs while streamlining transaction monitoring processes. By reducing intermediaries in the payment chain, the system minimises potential points of failure in cross-border transfers.

Alex Johnson, Chief Payments Officer at Nium, says: “Our global network includes connections to all the popular real-time payment systems. We understand that integrating with a new set of APIs can require significant investment from already resource-constrained teams. 

“This new capability makes it easy to redirect existing payment flows to Nium and benefit almost immediately from the speed, transparency, and security of our real-time payments network.”

The integration aims to improve error handling and data transmission through the payment process. 

Financial institutions can redirect existing payment flows through the system with minimal technical adjustment, allowing for rapid deployment of enhanced payment capabilities.

Nium maintains regulatory licences and authorisations in more than 40 countries. The company, co-headquartered in San Francisco and Singapore, offers card issuance in 34 markets and local fund collection in 35 markets.

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