Global payments company Nium has expanded its local funding and collection services to over 40 countries and 15 currencies, with more to come.
This expansion enhances Nium’s ability to offer a wide range of local currencies through wire transfers and local payment systems, meeting the needs of various markets, including developing and emerging economies.
The expansion aims to simplify cross-border transactions, which are often challenging due to limited currency availability and cash flow management complexities.
Nium’s new local currency account services provide businesses, digital platforms, and marketplaces with a more efficient and cost-effective way to receive payments, eliminating the need for local entities or additional operating accounts.
The company has introduced these services in Brazil, Denmark, Indonesia, the Philippines, Poland, and the UAE, with plans to extend to Mexico and New Zealand.
This adds to its existing network in Australia, Canada, the European Economic Area, Hong Kong, Japan, Singapore, the UK, and the US.
These new capabilities are particularly beneficial for industries such as marketplaces, payroll, and financial institutions, enabling them to operate more efficiently in emerging markets.
For instance, a payroll customer in Singapore can now use local account details to manage payments in Singapore dollars for their global workforce.
Nium’s local account features are accessible via existing APIs, allowing for straightforward integration and scalability.
The service offers benefits such as reduced overhead costs, faster transaction speeds, and easier payment reconciliation with real-time transaction alerts.
“Payments companies have underserved access to and from emerging markets, choosing to focus on the G20. However, to create a truly global enterprise, companies need to be able to access a wide network of markets where their buyers and sellers are domiciled.
We now enable more businesses to receive in local currencies for global business needs, allowing them to be more competitive on a global scale. This breadth makes Nium the go-to choice for businesses looking to expand their global reach.”
said Alex Johnson, Chief Payments Officer at Nium.
Featured image credit: Edited from Freepik
