Nium, a global payments infrastructure provider, announced that financial institutions can now connect to its real-time payments network using their existing Swift infrastructure.
This eliminates the need for complex and costly API integrations, making cross-border payments faster and more affordable.
By utilising Swift MT and ISO 20022 messaging formats, Nium enables seamless connectivity for banks, facilitating quicker settlements and enhanced transparency.
ISO 20022 is also the new industry standard in the process of migration, further streamlining cross-border payment processes.
Most payments on Nium’s network settle within 15 minutes, with 80% of transactions completed within this timeframe.
Additionally, Nium uses its global infrastructure to route MT/ISO messages through local clearing and real-time payment rails.
This reduces intermediaries and results in fewer points of failure, better error handling, and improved data flow for financial institutions.
The initiative also enhances transparency on payment costs, and Nium ensures real-time updates to Swift’s GPI tracker for payment traceability.
Nium shared that its “zero-deduction” policy guarantees that beneficiaries receive the full payment amount without incurring extra fees.
Brazilian bank Ouribank, which processes over US$29 billion in foreign exchange transactions, is among the first to adopt this new connection.
“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.”
said Alex Johnson, Chief Payments Officer at Nium.
Featured image credit: Edited from Freepik