Real-time cross-border payments company Nium has expanded its multi-currency local funding offering to more than 40 countries and 15 currencies.
B2B customers will be able to access this offering through local payment rails with a selection of currencies available to meet their market needs. Nium notes it intends to add more currencies for developing and emerging markets.
This latest expansion effort makes Nium the first provider to offer this multi-currency offering as the largest of its kind. Through its global network of licences, Nium offers local currency account details in more than 15 currencies, with newly added capabilities in Brazil, Denmark, Indonesia, the Philippines, Poland and the UAE, with Mexico and New Zealand expected to follow.
These new markets join others including Australia, Canada, EEA, Hong Kong, Japan, Singapore, the UK and the US.
Nium cited challenges from businesses when it pertains to moving money across borders, with local infrastructure either unavailable or inadequate. There were also problems accessing funds in the right currency as well as the need to optimise cash flow and liquidity.
The local currency account from the cross-border payments firm seeks to make it faster and more cost-effective for businesses, digital platforms and marketplaces to receive money in their desired country.
Alex Johnson, Chief Payments Officer at Nium, said: “Payments companies have historically 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.”
