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 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 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 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.