Many merchants looking to move money internationally can stumble across unexpected hurdles when trying to control their financial flows in a completely transparent manner. One organisation tackling this is Nucleus365.
Learning more about the organisation, we sit down with Daniel Mayhew, the company’s CEO. He is known for his leadership roles at FIS Global, where he contributed to the Real Time Payments Network Division. He also served as an entrepreneur in Residence.
Mayhew has held significant positions at fintech companies, including as country manager for the UK, EU, and Israel at Payoneer, and as vice president for the EMEA region at Earthport, an international payments company acquired by Visa. Furthermore, his extensive experience and expertise continue to drive advancements in financial technology.
What problem was your company set up to solve?
We help businesses (namely merchants) better understand and manage their global finances by providing a single unified payment platform that offers transparency into their payment flows be that payment processing/pay-ins, cross-border settlements/payouts and foreign exchange exposure.
A simple integration to Nucleus365 will allow merchants to see their multi-currency banking activity and instruct payments to suppliers and partners whilst obtaining granular reconciliation reporting and data on the payment processing side. Nucleus365 provides merchants with a full 360 view of their entire business without the distraction of continual IT development work. This is handled by the Nucleus365 technology team.
How has your company evolved since it started?
Initially (and naturally with Transact365 being our sister company) the business was founded with the unified payment platform in mind but more on the acquiring side. With our development and increase in banking providers, we have now grown into a thriving payments company. One that serves both the UK and international markets. Our services have expanded to soon include over 30 global collections accounts, local payouts in over 130 countries, and payment options tailored to specific regions across six continents.
What has been the biggest challenge you’ve faced?
Ensuring that we have the right technology stack and payment orchestration layer to power and consume multiple API integrations at once and in milliseconds with the world’s best-in-class correspondent banking network partners through one single user experience. It’s not been easy, but we will soon be able to offer the widest range of bank accounts industry-wide!
What are your proudest achievements so far?
Being only just over a year old we are breaking ground every week. For now, I would like to highlight a more recent accomplishment, the launch of Local Payouts. It is a new service that enables instant payments in a number of markets. Accessible in 132 countries, accommodates over 80 currencies, and connects with a total of 6.9 billion payment accounts. We take pride in being one of only a handful of payments companies providing this service.
What’s the culture like at your company?
Driven, passionate, and inclusive. We welcome creativity, innovation, ideation, and always encourage our team to make bold improvements in the Nucleus software. We do this by collaborating with our merchants big or small to meet their future requirements and build the solutions they will utilise. For instance, we introduced Local Payouts, which enables our merchants to send and receive payments in their chosen currency. This ensures sellers get paid, no matter the money type
What’s your company’s future plan?
We are quickly growing our customer base by making our services even better, faster, and cheaper delivered through a robust foundation of best-in-class corresponding banking partners enabling us to stay ahead of emerging payment trends.
To remain competitive in the changing payments industry, we will continue focusing on providing global payment solutions that meet our customers’ needs. Our recent launch of Local Payouts is a good example of how we are doing this. Looking ahead, we want to build on this with our forthcoming 30 global collections accounts, ensuring that our payment solutions are not only easy to use everywhere, but also adapted to the changing needs of our growing merchant base.
