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Nium has launched Global Collections, a white-label solution enabling banks to offer local currency receivables to their customers across multiple countries through virtual account infrastructure and APIs.
The solution allows banks to issue customer-named, local currency collections accounts in key markets, giving clients the ability to collect funds locally and move money globally without relying on third-party fintechs. Nium will initially collect EUR, SGD, USD and GBP locally in these countries, with additional currencies to follow.
The platform combines collections, foreign exchange conversion and payouts in one system. Banks can white label the solution, retain ownership of customer relationships and recapture foreign exchange margins lost to fintechs on inbound cross-border payments. Customers benefit from integrated services without additional onboarding requirements.
Ranaditya Palit, head of product at Nium
Ranaditya Palit, head of product at Nium, said:
"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."
The solution provides banks with local currency virtual accounts in the customer's name for collecting payments across Europe, the UK, the US and Singapore. It includes integrated foreign exchange and payouts, allowing settlement in the currency banks require whilst capturing foreign exchange spreads.
The API-first design enables banks to issue accounts, reconcile payments and move funds instantly. Integration can be completed within existing customer servicing channels including digital banking and branch banking platforms.
Global Collections joins Nium's suite of solutions for banks, which includes global payouts, real-time foreign exchange and compliance infrastructure. Nium is a global infrastructure provider for real-time cross-border payments.
The solution addresses the challenge banks face as payment volumes shift to fintech providers, offering banks the technology to compete whilst maintaining control over customer relationships and revenue streams.
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