Nium has rolled out Global Collections, a new offering aimed at allowing banks to provide their clients with local currency collection accounts in multiple international markets.
This solution is designed to help financial institutions enhance their service capabilities for customers involved in cross-border trade and unlock new revenue streams by combining collections, FX conversion and payouts in a single platform.
The service enables banks to issue customer-named accounts in local currencies across Europe, the UK, the US and Singapore, with support for the euro, Singapore dollar, US dollar and British pound at launch. More currencies are expected to be added over time.
By offering local accounts, banks can give their clients the ability to collect funds directly in these markets and transfer money globally without relying on third-party fintechs.
Global Collections is set up as a white-label product, meaning banks can integrate it under their own brand while maintaining direct relationships with customers.
The platform brings collections, foreign exchange and payouts together, allowing banks to recapture FX margins often lost to fintechs on inbound cross-border payments.
Customers, meanwhile, benefit from a one-stop-shop experience without additional onboarding.
The service is powered by Nium’s virtual account infrastructure and APIs, which allow banks to open accounts, reconcile payments and move funds instantly.
It can also be integrated into existing digital and branch banking systems.
“With Global Collections, we’re continuing to close the loop for banks, who are currently losing volumes to fintech providers. For years, Nium has helped banks and financial institutions power their payouts.
Now, they can collect funds on behalf of their customers, settle in any currency, and capture the revenue opportunities of cross-border flows, all through our APIs.”
said Ranaditya Palit, Head of Product at Nium.
Global Collections adds to Nium’s broader suite of products for banks, which already includes global payouts, real-time foreign exchange and compliance infrastructure.
The suite is designed to place banks on comparable rails to fintechs, with backing from Nium’s global network for security and transparency.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
