Nium, a leading global provider of real-time cross-border payment solutions, has expanded its collaboration with Kinexys by J.P. Morgan, previously known as Onyx by J.P. Morgan, to improve cross-border payment accuracy in Malaysia, Thailand, and Hong Kong.
This enhanced partnership marks Nium as the first FinTech to deliver data supporting bank account validation for international payments across these markets.
The collaboration is driven by the need to reduce errors and failed transactions in cross-border payments. Many institutions face frequent payment returns and fraud due to the inability to verify account information before processing payments. This partnership aims to minimise delays and fees associated with these issues by enabling real-time account verification, helping businesses achieve faster, more reliable transactions.
Nium, co-headquartered in San Francisco and Singapore, offers a comprehensive payments infrastructure enabling banks, FinTechs, and businesses to process real-time, cross-border transactions. The company’s platform supports over 100 currencies and operates in more than 220 markets, with real-time capabilities in 100 of them. Nium also facilitates local fund collection in 35 markets, and its card issuance services span 34 countries. The company is authorised in over 40 countries, supporting seamless onboarding and compliance worldwide.
Kinexys by J.P. Morgan, a blockchain-focused division of J.P. Morgan, provides scalable solutions for secure information and asset movement. Its platform, Liink, is the world’s first bank-led, peer-to-peer network that enables secure, private data exchange between global institutions, including banks and credit unions. Built on a private blockchain, Liink prioritises sovereignty, security, and privacy, offering its participants an efficient means to share critical information across a secure network.
Through this partnership, Nium supplies data from its Nium Verify tool to Kinexys’ Confirm application. Confirm validates beneficiary account details in real-time, significantly reducing the likelihood of errors and failed payments in cross-border transactions.
Zack Chestnut, Global Head of Business Development for Kinexys Liink and Kinexys Digital Payments, stated, “The additional markets for which Nium is able to provide data coverage will expand Confirm’s significant global reach even further, providing incremental value to inquiring participants on the network without requiring any incremental technology uplift.
“This is in line with Confirm’s goal to provide global account verification services through a single, secure network. We are excited to partner with Nium to provide additional value to our participants and make the global payments ecosystem more efficient.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
