Nium, the global infrastructure for real-time cross-border payments, announced the launch of Nium Verify, a real-time bank account verification solution for businesses and individual accounts, available across 50 markets.
Designed to empower businesses with instant verification of beneficiary bank account details, Nium Verify aims to “reduce errors, operational inefficiencies, and compliance risks,” thus helping with boosting the confidence of the finality of real-time payments.
As companies expand their business operations internationally, the need for accurate and secure payment processing has become critical.
In 2020, failed payments were estimated to cost the global economy $118.5 billion, creating a “huge opportunity” for cost savings as well.
Traditional methods of account verification are time-consuming, error-prone, and “susceptible to fraud.”
Nium Verify addresses these challenges by integrating with clearing systems and banks within, providing confirmation of “beneficiary account details before transactions are initiated.”
Additionally, Verify can be used to streamline onboarding for marketplaces, since the payment does “not have to immediately follow the verification.”
Nium Verify benefits Nium’s customers by providing:
- Reduced Payment Failures: Incorrect account information is a leading cause of payment failure, with failure rates often ranging between 10-15%. Verify ensures real-time verification of account details, reducing failure rates and preventing delays.
- Fraud Prevention and Compliance: Nium Verify ensures that account details match the registered account holder, mitigating fraud risks while meeting regulatory requirements in regions like the UK and EU.
- Operational Efficiency: By automating the verification process through a single API, Nium Verify eliminates the need for manual intervention, reducing operational costs and expediting payment processes.
- Faster Settlements: Traditional verification methods can take days. Nium Verify’s real-time process reduces settlement delays by up to 5-7 days, allowing for faster and more predictable payments.
Verify covers major banks within available markets, providing reliable account verification.
The launch of Verify, alongside Nium’s capability that allows financial institutions leverage Swift capabilities and infrastructure to connect to Nium’s network, deepens the company’s payments offering.
