Nium Enables Financial Institutions to Connect to its Real-Time Payments Network via Swift

The initiative allows banks to make payments through Nium using their existing Swift capabilities, eliminating the need for complex API integration and lowering cost of cross-border transfers

BEIJING, Oct. 21, 2024 /PRNewswire/ -- Nium, the leading global infrastructure for real-time cross-border payments, today announced that financial institutions can now leverage Swift capabilities and their existing Swift infrastructure to connect to Nium's global real-time payments network. This connection provides an efficient and cost-effective solution for financial institutions to connect to Nium's global infrastructure, eliminating the need for costly and resource-intensive API integrations. Cross-border payments initiated via Swift can be completed on Nium's network, resulting in faster settlement, end-to-end transparency, and full traceability for most popular corridors.

For global businesses, navigating disparate financial systems and message formats can be a barrier to market expansion. The lack of standardization, coupled with the need for tailored integrations, often limits access to new opportunities. However, as the industry moves to more standardization, Nium looks to serve as a payment messaging facilitator, supporting existing messaging formats, while bridging the path to new standards. This connection supports Swift MT message formats and ISO 20022 messaging, the latter of which the industry is in the process of migrating as the new standard of cross-border payments worldwide.

"Nium has become the connecting point to the world of real-time money movement," said Alex Johnson, Chief Payments Officer at Nium. "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."

More than 80% of payments completed on Nium's network will settle within 15-minutes, an important consideration in today's on-demand economy. Nium receives MT/ISO messages and uses its global infrastructure to route these messages through local clearing and real-time payment rails. Nium ensures that Swift's GPI tracker is updated in real-time, allowing institutions to continue leveraging this existing solution for payment traceability.

The initiative limits integration efforts, streamlines transaction screening and monitoring processes, provides transparency on payment costs, and minimizes intermediaries — resulting in fewer points of failure, better error handling, and improved data flow. Additionally, given Nium's "zero-deduction" flows, beneficiaries are guaranteed to receive the full amount sent, without additional fees.

Ouribank, one of Brazil's leading foreign exchange banks with more than USD$29 billion in transactions processed, is one of the first financial institutions to implement this connection. "The connection of Ouribank with Nium through the Swift network represents a significant advancement for our international operations," said Bruno Foresti, Director at Ouribank. "This initiative allows us to perform international payments instantly (a major differentiator of Nium) and reliably, ensuring that our customers can transfer funds securely and efficiently. This integration with Swift into the Nium network, strengthens our ability to offer innovative and high-quality financial solutions, with real-time payments aligned with our mission to transform borders into possibilities."

For more information on how to connect to Nium via Swift, visit here.

About Nium

Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorisations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

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