Nium has launched Nium Verify, a real-time bank account
verification tool for businesses and individuals across 50 markets.
According to the firm, this
solution allows businesses to instantly verify bank account details, aiming to
reduce payment errors, improve efficiency, and address compliance risks. These
measures aim to increase the reliability of real-time payments globally.
Rising Demand for Payment Security
The demand for secure, accurate payments has grown as
companies expand internationally. In 2020, failed payments were estimated to
have cost the global economy $118.5 billion. Traditional
account verification processes are often slow, error-prone, and vulnerable to
fraud.
Nium Verify integrates directly with clearing systems and major banks in
each country, allowing verification of bank details before transactions
proceed. It also enables onboarding for marketplaces without requiring
immediate payment.
“With Nium Verify, we’re providing a solution that not
only enhances operational efficiency, but also strengthens security and
compliance for cross-border transactions,” said Alex Johnson, Chief Payments
Officer at Nium.
“This helps businesses verify account details with
confidence, eliminating costly misdirected payment, preventing fraud and
improving customer experience.”
Nium Verify Reduces Payment Failures
Nium Verify offers benefits, including reduced payment
failures by ensuring real-time accuracy of account details. This feature is important
as incorrect account data is a common cause of transaction failure, often
ranging from 10% to 15%.
Additionally, Nium Verify helps prevent fraud and
supports regulatory compliance in regions like the UK and EU. By automating
verification through a single API, Nium Verify processes and cuts down on
operational costs.
With coverage across major banks in available markets, this
feature improves Nium’s global payment capabilities and supports recent tools
that connect financial institutions to Nium’s network via Swift infrastructure.
“Nium Verify is one of the only solutions on the market
that allows us to verify account ownership in real-time across multiple
markets, potentially saving us millions in costs associated with reconciling
misdirected payments,” said John McNaught, Head of Payouts at Worldpay, a Nium
customer.
Nium has launched Nium Verify, a real-time bank account
verification tool for businesses and individuals across 50 markets.
According to the firm, this
solution allows businesses to instantly verify bank account details, aiming to
reduce payment errors, improve efficiency, and address compliance risks. These
measures aim to increase the reliability of real-time payments globally.
Rising Demand for Payment Security
The demand for secure, accurate payments has grown as
companies expand internationally. In 2020, failed payments were estimated to
have cost the global economy $118.5 billion. Traditional
account verification processes are often slow, error-prone, and vulnerable to
fraud.
Nium Verify integrates directly with clearing systems and major banks in
each country, allowing verification of bank details before transactions
proceed. It also enables onboarding for marketplaces without requiring
immediate payment.
“With Nium Verify, we’re providing a solution that not
only enhances operational efficiency, but also strengthens security and
compliance for cross-border transactions,” said Alex Johnson, Chief Payments
Officer at Nium.
“This helps businesses verify account details with
confidence, eliminating costly misdirected payment, preventing fraud and
improving customer experience.”
Nium Verify Reduces Payment Failures
Nium Verify offers benefits, including reduced payment
failures by ensuring real-time accuracy of account details. This feature is important
as incorrect account data is a common cause of transaction failure, often
ranging from 10% to 15%.
Additionally, Nium Verify helps prevent fraud and
supports regulatory compliance in regions like the UK and EU. By automating
verification through a single API, Nium Verify processes and cuts down on
operational costs.
With coverage across major banks in available markets, this
feature improves Nium’s global payment capabilities and supports recent tools
that connect financial institutions to Nium’s network via Swift infrastructure.
“Nium Verify is one of the only solutions on the market
that allows us to verify account ownership in real-time across multiple
markets, potentially saving us millions in costs associated with reconciling
misdirected payments,” said John McNaught, Head of Payouts at Worldpay, a Nium
customer.
This post is originally published on FINANCEMAGNATES.
