Nium Joins FAST and PayNow to Accelerate Real-Time Payments
by Fintech News Singapore September 7, 2023Global payments platform Nium has joined the FAST and PayNow networks in Singapore and is now among a growing group of non-financial institutions participating in this initiative alongside 30 banks across the world.
The FAST and PayNow networks enable seamless and instantaneous SGD fund transfers between accounts/e-wallets held across both banks and non-financial institutions (NFI) within Singapore.
Through the direct integration with FAST and PayNow, Nium is able to eliminate additional steps and parties in the payment process.
Nium will now be able to provide virtual account numbers and PayNow proxies to customers, as well as send and receive local SGD in customers’ names.
Anupam Pahuja
Anupam Pahuja, Executive Vice President and General Manager of Asia Pacific, Middle East and Africa at Nium said,
“In line with the Monetary Authority of Singapore’s (MAS) vision, Nium is now a new NFI accessing the network to be able to offer cross-border real-time payments into Singapore.
We are already able to do this in Europe through the SEPA network and are looking at integrating directly into clearing systems across many more countries.”
