Nuim: Simplified payment solutions for fintechs
As the world becomes increasingly cashless, fintechs offering groundbreaking solutions for businesses are leading the charge in future-proofing commerce.
Nuim, an advanced payments platform based in Singapore, is currently working on making global, digital transactions as seamless as possible.
Founded in 2015 as InstaReM, and recently rebranded as Nuim, the fintech acts as a universal plug for financial services.
Using agile and modular solutions, the company serves a diverse spectrum of customer base from individuals to financial giants and offers tools and infrastructure creation that cater to every level.
Demand for embedded finance
Nuim’s creation and growth have been driven by a demand for embedded finance. Reports show that consumers have lost faith in incumbent financial services on a global scale, with data revealing that 49% of SMEs do not trust their main bank to manage the financial success of their business.
According to a recent report by SalesForce:
- 68% of customers also have heightened expectations of companies in terms of digital capability since COVID-19
- A further 88% believes businesses need to fast-track their digital initiatives since the pandemic
- And 52% expect services to be personalised through the use of AI and data
Asian payment mesh
Backed by Vertex Ventures, Fullerton Financial Holdings, Global Founding Capital, GSR Ventures, and SBI-FMO Ventures, Nuim has created a payment network that is being leveraged by individual and corporate customers alike,
The fintech’s configurable, multi-featured platform, MassPay also helps corporate and SME users to manage and control their high-volume remittances to multiple beneficiaries across a range of currencies. The service is available through a streamlined pathway that lowers cross-border transaction fees by up to 80%.
Currently, the Nium platform connects businesses to the world’s payment infrastructure through one API. The modular platform manages Pay In, Pay Out and Card-Issuance enables banks, payment providers, and businesses to collect and disburse funds in local currencies to over 100 countries. The technology also issues physical and virtual cards globally.
Nuim is licensed in the EU, Australia, Canada, Hong Kong, Malaysia, India, and Singapore. Its business model and services have been recognised on industry-leading platforms such as Singapore Fintech Festival and India Fintech Awards in 2017.
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.