Nium, a leader in real-time cross-border payments, is intensifying its footprint in Latin America, advancing its commitment to transform the global payments ecosystem in this key area.
This month marked a significant step for Nium in Brazil, as the company applied for a Payment Institution License. This move will enable Nium to manage funds locally in Brazilian Real (BRL) and offer real-time payments through Pix. Additionally, the company is seeking FX authorisation to boost its foreign exchange capabilities, enhancing trust in its robust risk and compliance frameworks.
Latin America has been a pioneer in multiple cross-border payment scenarios, especially in e-commerce. Prajit Nanu, Founder and CEO of Nium, highlighted, “Latin America has established itself as a frontrunner in numerous cross-border use cases, particularly in global marketplaces where its e-commerce economy thrives in supplier corridors with Asia and Europe.
“Recognizing this potential, we have been strategically investing in Latin America for years, securing major clients and expanding our operations. This ongoing growth empowers us to further bolster the region’s vibrant and dynamic landscape.”
Furthering its market penetration, Nium has recently partnered with BS2, a Brazilian digital bank. This collaboration leverages Nium’s Global FX product, optimising FX costs and facilitating real-time transactions with key markets such as China and the UAE. BS2 now also serves as Nium’s correspondent bank for BRL, aiding in the seamless settlement of cross-border payments.
Since its regional debut in 2017, Nium has continually expanded its customer base, securing partnerships with local financial institutions like Ouribank, Treviso, OZ Cambio, and Frente. A notable advancement is its extended collaboration with Ebury, aiming to introduce an innovative global remittance service in Brazil, designed to expedite secure and cost-effective international payments.
Christina Hutchinson, VP of Business Development LATAM at Nium, commented on the expansion, “We’ve made significant strides this year in expanding our presence in LATAM.
“Nium is rapidly building and scaling local payout rails across the entire region to help better serve our target verticals, which are primarily banks, FIs, and platforms. We’re also working to bring our travel offering and card issuance to the region, once our new licences are in place. Brazil specifically has the potential to be a global leader in digital payment innovation and our advancements in cross-border payment solutions are creating meaningful impacts on millions of lives worldwide.”
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