Singapore-based payments platform Nium has launched a new brokerage payments solution for international financial institutions (FIs).

Claimed to be a low-cost alternative to the SWIFT international payment system, the solution will help FIs settle transactions to select US brokerages that allow customers to invest in US equities.

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Transaction settlement for FIs catering to such brokerages over legacy payment networks is said to be typically time consuming and expensive.

Nium claims that its new offering will reduce settlement costs for FIs by up to 90% for international brokerage account transactions.

Existing customers of the company can leverage the new solution without any additional technology integrations.

Nium CRO Frederick Crosby said: “At Nium, we are constantly seeking to empower growing businesses with global reach to move money in smart, fast, and safe ways.

“Our new payments solution for FIs that send money to brokerages allows their retail customers to invest in US equities – fast and simple. Nium’s new solution dramatically lowers the expense of these transactions, allowing FIs to either share cost savings with their customers or re-invest profits in the business.”

Nium’s solution is designed to cut friction associated with investing in the US stock market for international investors in a bid to help FIs drive customer loyalty and brand affinity.

The low-cost transfers offered by the solution are also expected to help them drive new brokerage partnerships and new customers.

Nium is launching the offering at a time when brokerage firms around the world are witnessing increased interest among investors for overseas equities markets, especially in the US.

Last month, payment service provider ECOMMPAY teamed up with Nium to allow its customers to make payments to new verticals and key global markets.

In July last year, Nium joined the unicorn club after securing over $200m in a Series D funding round.