Nium has announced an enhancement to its real-time payments network, enabling financial institutions to connect to its network via Swift infrastucture.
This move streamlines cross-border transactions, offering a cost-effective solution that bypasses the need for complex application programming interface (API) integrations.
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By leveraging Swift’s capabilities, institutions can now initiate payments through Nium’s network, achieving faster settlement and complete traceability for key corridors.
The integration with Swift infrastructure simplifies the process for global businesses facing challenges with diverse financial systems and messaging formats.
The lack of standardisation has often hindered market expansion, but Nium’s approach aims to facilitate payment messaging, supporting both existing Swift MT formats and the emerging ISO 20022 standard.
According to the company, this move is timely, as the industry gradually adopts ISO 20022 as the global norm for cross-border payments.
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By GlobalDataNium chief payments officer Alex Johnson said: “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.”
Over 80% of transactions processed on Nium’s network are settled within 15 minutes, a critical feature for the modern, fast-paced economy.
Nium routes Swift MT and ISO messages through local and real-time payment rails, ensuring that Swift’s GPI tracker is updated instantaneously for continued payment traceability.
This initiative by Nium reduces the need for extensive integration work, enhances transaction screening and monitoring, and provides clear insights into payment costs.
It also minimises the involvement of intermediaries, leading to improved error handling and data flow. Nium’s “zero-deduction” policy ensures that beneficiaries receive the full amount sent without incurring additional fees.
Brazil’s foreign exchange bank, Ouribank, with transactions exceeding $29bn, is among the first to adopt this Swift connection to Nium’s network.
In February this year, Nium collaborated with Enjaz Banking Services, Bank Albilad‘s remittance unit, to offer free international money transfers via the Enjaz app.
