Nium has launched Nium Verify, a real-time bank account verification tool for businesses and individuals across 50 markets.

According to the firm, this solution allows businesses to instantly verify bank account details, aiming to reduce payment errors, improve efficiency, and address compliance risks. These measures are meant to increase the reliability of real-time payments globally.

Rising Demand for Payment Security

The demand for secure, accurate payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term has grown as companies expand internationally. In 2020, failed payments were estimated to have cost the global economy $118.5 billion. Traditional account verification processes are often slow, error-prone, and vulnerable to fraud.

Nium Verify integrates directly with clearing systems and major banks in each country, allowing verification of bank details before transactions proceed. It also enables onboarding for marketplaces without requiring immediate payment.

“With Nium Verify, we're providing a solution that not only enhances operational efficiency but also strengthens security and compliance for cross-border transactions,” said Alex Johnson, Chief Payments Officer at Nium.

“This helps businesses verify account details with confidence, eliminating costly misdirected payment, preventing fraud, and improving customer experience,” she explained.

Nium Launches Verify for Real-time Account Verification to Eliminate Misdirected Global Payments https://t.co/ImPtwG51tw #Fintech #AIIntegration #FinanceInnovation #GlobalFinance #FintechNews

— Global FinTech Series (@FinTech_Series) October 28, 2024

Nium is looking to expand its services in Latin America with a new license application in Brazil as reported by Finance Magnates. In August, the company submitted an application for a Payment Institution License in Brazil to provide localized payment services and improve its real-time payment capabilities using Pix.

Nium Verify Reduces Payment Failures

Nium Verify offers benefits, including reduced payment failures by ensuring real-time accuracy of account details. This feature is important as incorrect account data is a common cause of transaction failure, often ranging from 10% to 15%.

Additionally, Nium Verify helps prevent fraud and supports regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term in regions like the UK and EU. By automating verification through a single API, Nium Verify processes and cuts down on operational costs.

With coverage across major banks in available markets, this feature improves Nium's global payment capabilities and supports recent tools that connect financial institutions to Nium's network via Swift infrastructure.

“Nium Verify is one of the only solutions on the market that allows us to verify account ownership in real-time across multiple markets, potentially saving us millions in costs associated with reconciling misdirected payments,” said John McNaught, Head of Payouts at Worldpay, a Nium customer.