Nium, a pioneer in global payment infrastructure, has introduced Nium Verify, a cutting-edge real-time bank account verification solution.
This service is now available across 50 markets and caters to both businesses and individual accounts. Nium Verify is crafted to provide instant verification of beneficiary bank account details, aiming to reduce errors, operational inefficiencies, and compliance risks. This enhancement is expected to bolster the confidence in the finality of real-time payments significantly.
As global business operations expand, the demand for reliable and secure payment processing has surged. In 2020, the economic toll of failed payments was a staggering $118.5bn.
Nium’s Verify solution directly integrates with clearing systems and major banks within each country, offering instant confirmation of account details prior to transaction initiation. Verify also facilitates the onboarding process for marketplaces by allowing verification to occur separately from payment actions.
Alex Johnson, Chief Payments Officer at Nium, highlighted the timeliness of this innovation, “Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe.
“With Nium Verify, we’re providing a solution that not only enhances operational efficiency, but also strengthens security and compliance for cross-border transactions. This helps businesses verify account details with confidence, eliminating costly misdirected payment, preventing fraud and improving customer experience.”
Nium Verify offers multiple benefits to its users, including a reduction in payment failures, which are often caused by incorrect account information, with typical failure rates between 10-15%. The real-time verification capability of Verify not only reduces these failures but also prevents delays.
Additionally, it ensures compliance with regulatory standards in the UK and EU by verifying that the account details match the registered account holder, thus mitigating fraud risks. The automation of verification through a single API streamlines operations by eliminating manual interventions, which in turn reduces operational costs and expedites payment processes. Compared to traditional methods, Nium Verify’s real-time process significantly cuts down settlement times by 5-7 days, facilitating quicker and more predictable payments.
John McNaught, Head of Payouts at Worldpay, praised the solution, saying, “Worldpay processes over 50 billion transactions for an estimated value of $2.3 trillion, and ensuring these payments reach their intended recipients is a top priority.
“Nium Verify is one of the only solutions on the market that allows us to verify account ownership in real-time across multiple markets, potentially saving us millions in costs associated with reconciling misdirected payments. We’re looking forward to integrating this technology into a seamless customer experience that reduces payment failures, mitigate fraud, eliminate manual verification, and improves operational efficiencies.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
