Nium Launches Verify for Real-time Account Verification to Eliminate Misdirected Global Payments
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SAN FRANCISCO, Calif., Oct. 28, 2024 ~ Nium, a leading global infrastructure for real-time cross-border payments, has announced the launch of their latest solution, Nium Verify. This new service aims to provide businesses and individuals with real-time bank account verification across 50 markets.

The need for accurate and secure payment processing has become increasingly important as companies expand internationally. In fact, it is estimated that failed payments cost the global economy $118.5 billion in 2020. This presents a significant opportunity for cost savings. However, traditional methods of account verification are often time-consuming, prone to errors, and vulnerable to fraud.

Nium Verify addresses these challenges by directly integrating with clearing systems and major banks in each country. This allows for instant confirmation of beneficiary account details before transactions are initiated. Additionally, Verify can also be used to streamline onboarding for marketplaces as the payment does not have to immediately follow the verification process.

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Alex Johnson, Chief Payments Officer at Nium, stated that "Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe." He further explained that this solution not only enhances operational efficiency but also strengthens security and compliance for cross-border transactions. By providing businesses with a reliable way to verify account details, Nium aims to eliminate costly misdirected payments, prevent fraud, and improve customer experience.

Nium Verify offers several benefits to its customers including reduced payment failures, fraud prevention and compliance measures, improved operational efficiency through automation, and faster settlements. Traditional verification methods can take days but with Nium Verify's real-time process, settlement delays can be reduced by up to 5-7 days.

John McNaught, Head of Payouts at Worldpay - a Nium customer - emphasized the importance of ensuring payments reach their intended recipients. He stated that "Nium Verify is one of the only solutions on the market that allows us to verify account ownership in real-time across multiple markets." This can potentially save Worldpay millions in costs associated with reconciling misdirected payments. McNaught also expressed excitement about integrating this technology into a seamless customer experience that reduces payment failures, mitigates fraud, eliminates manual verification, and improves operational efficiencies.

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Sudhir Bhojwani, CEO at ORO Labs - another Nium customer - shared how Nium Verify can support their goal of humanizing and streamlining procurement for large enterprises. He explained that "Nium Verify can help enhance the efficiency and security of our customers' global supplier payments, where fraud is a common concern." Bhojwani also highlighted the game-changing aspect of instantly validating beneficiary account details and how it can improve efficiency and compliance while adding confidence to global B2B transactions.

Nium Verify covers all major banks within available markets, providing reliable and comprehensive account verification. This launch, along with Nium's recent announcement of their capability to allow financial institutions to leverage Swift capabilities and existing infrastructure to connect to Nium's network, further strengthens the company's comprehensive global payments offering. With Nium Verify, businesses can now have peace of mind when making cross-border payments as they have a reliable solution for verifying account details in real-time.
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