Global financial technology platform Nium has been given a licence to issue Visa cards, a process that it can now cut to between four to six weeks.
It was granted the Australian Visa issuer licence as part of its membership in Visa’s Fintech Fast Track programme. Nium plans to use the issuance license to extend its portfolio to clients in Australia and beyond, providing end-to-end B2B and B2C issuing services globally.
Through this partnership, Nium will be able to conduct real-time funds transfers to both physical and virtual Visa Credit and Debit cards. For instance, it will be be able to process deposition of payroll into Visa cards. It will also be able to conduct secure digital payments through tokenisation for in-stores, online payments and at ATM points.
Nium can, thanks to the licence, also unlock simple payment experiences for businesses and consumers around the world through multi-currency cards with multi-pocket/wallet spend management features.
“One of Nium’s primary goals is to improve business efficiency through the introduction and facilitation of financial technology, and this partnership with Visa allows us to do that at scale,” said Gitesh Athavale, head of product at Nium. “The flexibility of our APIs tools and turnkey infrastructure, coupled with Visa products and services, allow us to support different use cases for spend management seen across various business models and platforms, from companies looking to reconcile T&E for employees, businesses looking to pay suppliers and vendors overseas, or innovative technology companies looking to send payments to their community, we are able to customise the solution for each and every single one of them.”
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