Global payments infrastructure provider Nium has expanded its partnership with Kinexys by J.P. Morgan (formerly Onyx) to enhance cross-border payment accuracy in Malaysia, Thailand, and Hong Kong,
This makes Nium the first fintech to provide data for validating bank account details in these markets.
Nium Verify, a service offering insights into account beneficiaries, now integrates with Confirm, Kinexys’ global account validation platform.
This collaboration enables financial institutions to validate beneficiary account details before processing payments, reducing errors, misdirected payments, and fraud through collective network intelligence.
The solution helps prevent unnecessary fees, delays, and customer dissatisfaction.
According to a market evaluation, high-value payment returns in 2020 highlighted the potential to save millions of dollars and reduce delays by up to four days.
The integration with Nium Verify is powered by Liink, Kinexys’ blockchain-based platform.
Liink, a blockchain-based platform developed by Kinexys, facilitates secure and private information exchange among global institutions, including banks, credit unions, fintechs, and digital banks.
This scalable network ensures streamlined payment processes while maintaining sovereignty, security, and privacy.
Globally, Nium Verify operates across over 50 markets, providing real-time validation of account details.
“The additional markets for which Nium is able to provide data coverage will expand Confirm’s significant global reach even further, providing incremental value to inquiring participants on the network without requiring any incremental technology uplift.
This is in line with Confirm’s goal to provide global account verification services through a single, secure network.”
said Zack Chestnut, Global Head of Business Development for Kinexys Liink and Kinexys Digital Payments.
“This collaboration aligns with Nium’s mission to simplify and streamline cross-border payments for businesses worldwide.
By leveraging our account verification capabilities, we are reducing friction in global payments, creating a more efficient, secure, and compliant payments ecosystem.”
said Alex Johnson, Chief Payments Officer at Nium.
