Money movement
Fintech

Nium Challenges SWIFT With Global Brokerage Payments Offering

Money movement firm Nium has introduced a new global brokerage payments solution that it says is a faster, lower cost alternative to SWIFT Settlement.

The brokerage payments solution offers international financial institutions a ‘faster and more cost-effective method’ of settling transactions to select US brokerages enabling customers to easily invest in US equities.

According to Nium, when compared to transactions settled via the SWIFT International Payments Network, financial institutions can lower their settlement costs by up to 90 per cent.

Frederick Crosby, chief revenue officer at Nium, says: “At Nium, we are constantly seeking to empower growing businesses with global reach to move money in smart, fast, and safe ways. Our new payments solution for financial institutions that send money to brokerages allows their retail customers to invest in US equities – fast and simple.

“Nium’s new solution dramatically lowers the expense of these transactions, allowing financial institutions to either share cost savings with their customers or re-invest profits in the business.”

Nium, whose licence portfolio covers 11 of the world’s jurisdictions, reports that global brokerage firms are seeing increased retail investor interest in overseas equities markets, particularly in the US. The firm provides global payments and card issuance solutions for businesses around the world – it currently operates payouts for businesses to over 190 countries.

Author

  • Claire works across print and online as Editor for The Fintech Times.

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