RippleNet affiliate Nium has partnered up with Visa to allow direct cash-sending to countries in South Asia.
Recently rebranded Nium, a member of RippleNet, has joined Visa to use Visa Direct, the firm’s real-time push payments platform, to send payments to Indonesia, Malaysia, Thailand, Vietnam, and the Philippines, among others. According to Nium CEO Prajit Nanu, this partnership “will allow [Nium’s] consumers to transfer money in a faster, convenient and more secure way” in markets that do not have instant payments solutions.
According to a recent Visa survey, almost half of the respondents indicated that they expect their international money transfers to be successfully carried out in less than a day. Visa Country Manager for Singapore and Brunei Kunal Chatterjee stated that “Nium is the first Fintech partner from Visa’s Fintech Fast Track programme to deliver real-time remittance using [Visa’s] push payment solution Visa Direct.” He also mentioned that since Visa’s domestic transfer solutions use the FAST infrastructure, “it is important to provide consumers the same speed and efficiency for cross border international transfers.”
Yesterday it was reported that Nium received the Fund Transfers license from the Bank Indonesia, allowing retail consumers, Small and Medium Enterprises (SMEs), Financial Institutions, and other payment service providers in the country to send and receive money across borders to over 60 destinations through Nium’s payments platform.
Last week it was reported that RippleNet had reached 300 customers, with more than two dozens of them currently using Ripple’s On-Demand-Liquidity (ODL) to perform cross-border payments. Among RippleNet’s customers using ODL is global provider of money transfer services MoneyGram, which joined Visa in September to launch a P2P debit card deposit service in the U.S. with global expansion plans. According to MoneyGram CEO Alex Holmes, the partnership with Ripple has helped the company improve its global liquidity and settlement engine used by customers to send money in over 200 countries, leading MoneyGram to expand its partnership with Ripple to provide foreign currency trading with the Philippine peso using ODL.
Nium, a Singapore-based remittance startup formerly named Instarem, rebranded itself over two weeks ago as part of the company’s transition to become a global enterprise payments platform. In addition to allowing businesses to send, receive, and spend money all around the world, Nium’s platform empowers businesses to build custom integrations on its platform as well as build products and services that facilitate cross-border transactions.
In July, the Monetary Authority of Singapore announced it would grant two digital full-bank licenses and three digital wholesale bank licenses. At the beginning of November, Nium announced its withdrawal from the contest for a digital wholesale banking license. According to Nium CEO Prajit Nanu, “Singaporean banks are extremely well entrenched in that ecosystem,” which is why the startup decided to focus on other areas like their global business-to-business payments.