Real-time cross-border payments company Nium has integrated Swift’s infrastructure and capabilities to enhance its offering to its customers.
Connecting to Nium’s global real-time payments network, Swift aims to make the company’s cross-border payments more efficient and cost-effective for financial institutions, eliminating the need for sensitive APIs.
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.
Nium has integrated Swift in a bid to streamline how financial institutions send payments to countries that have a lack of standardisation that can hamper global expansion.
The company looks to serve as a payment messaging facilitator, supporting existing messaging formats, while bridging the path to new standards. The new integration 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.
Alex Johnson, Chief Payments Officer at Nium, said: “Nium has become the connecting point to the world of real-time money movement.
“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, receiving MT/ISO messages and using its global infrastructure to route these messages through local clearing and real-time payment rails.
Nium aims to ensure that Swift’s GPI tracker is updated in real-time, allowing institutions to continue leveraging this existing solution for payment traceability.