Nium, an international firm focused on modern money movement, has introduced a new brokerage payments solution that provides financial institutions a quicker and more cost-effective method of “settling transactions to select U.S. brokerages enabling customers to easily invest in U.S. equities.”
When compared to transactions settled through the SWIFT International Payments Network, Nium lowers settlement costs for financial institutions by as much as 90% for global brokerage account transfers.
International brokerage companies are “seeing increased retail investor interest in overseas equities markets, particularly in the United States.”
Until now, transaction settlement for financial institutions serving these brokerages over legacy payment networks “was costly and slow.” With Nium, financial services providers “get the chance to dramatically lower costs and pass those costs to customers, or increase their revenue.” The best part, existing Nium customers “need no additional technology integrations to take advantage of this solution.”
Frederick Crosby, CRO at Nium, stated:
“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 FIs that send money to brokerages allows their retail customers to invest in U.S. equities – fast and simple. Nium’s new solution dramatically lowers the expense of these transactions, allowing FIs to either share cost savings with their customers or re-invest profits in the business,”
Banks and financial institutions integrating with Nium’s international payments network and new brokerage solution can now take advantage of the following benefits:
- Cost savings of up to 90%: Global financial institutions leveraging the Nium brokerage solution can save up to 90% on each transfer, and use those savings to drive P&L gains or increase volume by offering customers lower cost transfers.
- Improved customer satisfaction: Decreasing friction associated with investing in the U.S stock market for international investors drives customer loyalty and brand affinity.
- Increased demand for new partnerships: By leveraging Nium’s network to optimize payments to U.S. brokerage accounts, global FIs can reach new customers by taking advantage of Nium’s low-cost transfers to drive new brokerage partnerships.
As retail investors diversify their investments across markets, banks and financial services providers hoping to compete in the global market “must continuously innovate, iterate and improve on their technology stack and user experience.”
Integrating with the Nium global payments network “enables these global businesses to maintain competitive advantage and differentiate themselves within the industry.”