Nium, the leader in global infrastructure for real-time cross-border payments, has teamed up with Swift.
This collaboration allows financial institutions to utilise their existing Swift infrastructure to connect to Nium’s extensive real-time payments network, streamlining the process and reducing the costs associated with cross-border transfers.
The partnership aims to address the challenges faced by global businesses, including the complexities of navigating disparate financial systems and the lack of standardisation in market integrations. By facilitating access to Nium’s network via Swift, financial institutions can now execute faster and more transparent cross-border payments without the need for complex API integrations.
In addition to streamlining payment processes, the collaboration between Nium and Swift ensures real-time updates to Swift’s GPI tracker, enhancing payment traceability and reducing potential points of failure. This results in more reliable and efficient transaction screening, fewer intermediaries, and improved overall payment operations.
One of the first adopters of this new integration is Ouribank, a leading foreign exchange bank in Brazil, which processes over USD$29bn in transactions.
Bruno Foresti, director at Ouribank, said, “The connection of Ouribank with Nium through the Swift network represents a significant advancement for our international operations.
“This initiative allows us to perform international payments instantly (a major differentiator of Nium) and reliably, ensuring that our customers can transfer funds securely and efficiently. This integration with Swift into the Nium network, strengthens our ability to offer innovative and high-quality financial solutions, with real-time payments aligned with our mission to transform borders into possibilities.”
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