Nium, the global infrastructure for real-time cross-border payments, today announced the launch of Global Collections for banks, a solution designed to allow banks to offer local currency receivables to their customers in multiple countries.
Nium’s Global Collections is a white-label solution that “enables banks to offer multi-currency collections accounts directly to their customers, powered by Nium’s virtual account infrastructure and APIs.”
Banks can issue customer-named, local currency collections accounts in key markets, giving their clients the ability to “collect funds locally in these markets and move money globally without relying on third-party fintechs.”
To begin, Nium will be able to collect EUR, SGD, USD, and GBP locally in these countries.
This launch unlocks new revenue streams for banks “by combining collections, FX conversion, and payouts in one platform.”
Banks can white label the solution, “retain ownership of the customer relationship, and recapture FX margins lost to fintechs on inbound cross-border payments.”
Customers benefit from a one-stop shop “experience without additional onboarding requirements.”
Ranaditya Palit, Head of Product at Nium, said now, banks can collect funds on behalf of their customers, settle in any currency, using their APIs.
Global Collections joins Nium’s suite of solutions for banks, “including global payouts, real-time FX, and compliance infrastructure.”