Nium and Banco Hipotecario partner to provide cross-border payments solution
Betting on the future of cross-border payments is the new norm, which payment companies have embarked on with rising payments digitisation across the globe. In a race to capture the growing cross-border payment solution market, banks, financial institutions and payment companies have either collaborated amongst themselves or launched new offerings to the clients.
Riding on the success of funding from Visa, the Singapore based, non-bank payments company Nium has partnered with the state bank of El Salvador, Banco Hipotecario, to provide international cross-border payments services for businesses and consumers.
This year, Nium joined Visa’s Fintech Fast Track Programme in Australia, partnered with E9Pay to launch remittance service and also expanded its card issuance service in Europe with Visa.
A number of other companies have also launched cross-border payment services this year, such as Mastercard, which partnered with Bank of Shanghai to launch its service in China, EMQ launching cross-border services in Asian markets, AscendantFX, Currencycloud and Moneycorp.
According to the press release, both Nium and Banco Hipotecario hope that this partnership will open new doors for international payments corridors beyond Latin America and introduce convenient, secure and real-time global payment capabilities for the bank’s corporate and individual clients.
This integration of Nium’s network with the bank’s network was driven by Nium’s hold of payment licenses across globe and technology assets. It will allow businesses and customers to send and receive money in real-time in a “broad list of markets” which includes Europe, the UK and the US.