Scienza e Tecnologia
Nium Launches Verify for Real-time Account Verification to Eliminate Misdirected Global Payments
As companies expand internationally, the need for accurate and secure payment processing has become critical. In 2020, failed payments were estimated to cost the global economy $118.5 billion , creating a huge opportunity for cost savings as well. Traditional methods of account verification are often time-consuming, error-prone, and susceptible to fraud. Nium Verify addresses these challenges by integrating directly with clearing systems and major banks within each country, providing instant confirmation of beneficiary account details before transactions are initiated. Additionally, Verify can be used to streamline onboarding for marketplaces, since the payment does not have to immediately follow the verification.
"Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe," said "With Nium Verify, we're providing a solution that not only enhances operational efficiency, but also strengthens security and compliance for cross-border transactions. This helps businesses verify account details with confidence, eliminating costly misdirected payment, preventing fraud and improving customer experience."
Nium Verify benefits Nium's customers by providing:
"Worldpay processes over 50 billion transactions for an estimated value of $2.3 trillion , and ensuring these payments reach their intended recipients is a top priority," said a Nium customer. "Nium Verify is one of the only solutions on the market that allows us to verify account ownership in real-time across multiple markets, potentially saving us millions in costs associated with reconciling misdirected payments. We're looking forward to integrating this technology into a seamless customer experience that reduces payment failures, mitigate fraud, eliminate manual verification, and improves operational efficiencies."
"At ORO, our goal is to humanize and streamline procurement for large enterprises, and a big part of that charter lies with supplier-related risk management," said
a Nium customer. "Nium Verify can help support that goal by enhancing the efficiency and security of our customers' global supplier payments, where fraud is a common concern. The ability to instantly validate beneficiary account details is a game-changer for our customers, and the real-time process can help them with improved efficiency and compliance, while adding confidence to global B2B transactions."
Verify covers all major banks within available markets, providing reliable and comprehensive account verification. The launch of Verify, alongside Nium's recently announced capability that allows financial institutions leverage Swift capabilities and existing infrastructure to connect to Nium's network, deepens the company's comprehensive global payments offering.
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 .
View original content: https://www.prnewswire.co.uk/news-releases/nium-launches-verify-for-real-time-account-verification-to-eliminate-misdirected-global-payments-302287710.html