Nium has announced the expansion of its platform to serve the multi-trillion-dollar global marketplace opportunity. The new product functionalities are available on Nium’s existing global payments platform, enabling marketplaces to incorporate a suite of features that streamline payouts to their cross-border sellers operating in multiple countries around the world.
New features to Nium’s platform
This includes flexible multi-currency payouts to pay international sellers in over 220+ markets, 100+ currencies, and 100+ real-time corridors to bank accounts, cards, and wallets.
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Fast and simple onboarding allows instant verification payout accounts and leverages automated ID verification Know Your Customer and Business capabilities for fast and efficient seller onboarding.
Marketplaces can also collect taxpayer information to fulfil tax calculations and reporting obligations and build tailored payout journeys in a fully white-labelled environment, gaining full control over the seller ecosystem to remain competitive and improve seller retention.
Further features include the ability to collect settlement funds locally in 25+ markets in a multi-currency wallet and split the funds across wallets such as fee commission and seller wallets, lock and hold foreign exchange (FX) rates for longer to better manage currency risks and control transaction costs and granting access to Nium’s growing network of licences in over 15+ jurisdictions worldwide for comprehensive global coverage and regulatory compliance
Ramana Satyavarapu, Chief Technology Officer at Nium, said: “With 33% of the $8.8 trillion global ecommerce market predicted to be cross-border by 2028, real-time cross-border payouts have the potential to drive marketplace seller acquisition and international revenue opportunities. For too long, marketplaces have had to retrofit their unique payment needs into existing solutions with limited payout functionality and reach, stunting growth and seller relationships. We’re extending our platform to address this problem, meeting the needs of global marketplaces so they can build more flexible, dynamic, and efficient payment ecosystems whilst maintaining collaborative relationships with their sellers around the world.”
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