Nium, the global leader in real-time cross-border payments announced the expansion of its platform to serve the multi-trillion-dollar global marketplace opportunity. The new product functionalities are available on Nium’s existing global payments platform, enabling marketplaces to incorporate a suite of features that streamline payouts to their cross-border sellers operating in multiple countries around the world, including:
- Flexible multi-currency payouts – Pay international sellers in over 220+ markets, 100+ currencies, and 100+ real-time corridors to bank accounts, cards, and wallets
- Fast and simple onboarding – Instantly verify payout accounts and leverage automated ID verification Know Your Customer and Business capabilities for fast and efficient seller onboarding
- Taxpayer information reporting – Collect taxpayer information to fulfill tax calculations and reporting obligations
End-to-end white labelling – Build tailored payout journeys in a fully white-labeled environment, gaining full control over the seller ecosystem to remain competitive and improve seller retention - Collect, convert, and disburse – Collect settlement funds locally in 25+ markets in a multi-currency wallet and split the funds across wallets such as fee commission and seller wallets
- Simple FX management – Lock and hold foreign exchange (FX) rates for longer to better manage currency risks and control transaction costs
- Global licensing – Access Nium’s growing network of licenses in over 15+ jurisdictions worldwide for comprehensive global coverage and regulatory compliance
For marketplaces with cross-border sellers, navigating the local complexities of different compliance regimes, payment preferences, and FX fees at scale has historically made seller payouts challenging. Different regions also bring their own unique economic context, which may dictate seller payment schedules, methods, cost and speed. Time and money spent adapting to these local dynamics is effectively time to market for new regions, slowing down global growth.
“With 33% of the $8.8 trillion global ecommerce market predicted to be cross-border by 2028, real-time cross-border payouts have the potential to drive marketplace seller acquisition and international revenue opportunities. For too long, marketplaces have had to retrofit their unique payment needs into existing solutions with limited payout functionality and reach, stunting growth and seller relationships. We’re extending our platform to address this problem, meeting the needs of global marketplaces so they can build more flexible, dynamic, and efficient payment ecosystems whilst maintaining collaborative relationships with their sellers around the world,” said Ramana Satyavarapu, Chief Technology Officer at Nium.