Global payments infrastructure provider Nium has launched Nium Verify, a real-time bank account verification service available in 50 markets.
Designed for businesses and individuals, Nium Verify allows instant confirmation of bank account details before transactions.
This helps to reduce payment failures, operational inefficiencies, and compliance risks in cross-border payments.
With payment failures costing the global economy an estimated US$118.5 billion in 2020—often due to outdated, error-prone verification methods—Nium Verify offers a solution through direct integration with clearing systems and major banks within each country.
This real-time verification process helps prevent errors and strengthens regulatory compliance, particularly in regions like the UK and EU.
The service also streamlines onboarding for marketplaces by confirming account details even if no payment is processed immediately.
By automating verification through a single API, Nium Verify reduces the need for manual intervention, lowering operational costs and simplifying payment workflows.
Adding to Nium’s global payments network, the launch complements recent developments that enable financial institutions to connect using existing Swift capabilities and infrastructure.
“Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe. With Nium Verify, we’re providing a solution that not only enhances operational efficiency, but also strengthens security and compliance for cross-border transactions.
This helps businesses verify account details with confidence, eliminating costly misdirected payment, preventing fraud and improving customer experience.”
said Alex Johnson, Chief Payments Officer at Nium.
Featured image credit: Edited from Freepik