22 Jun, 2022, 14:59 ET
Companies building on Stellar can now leverage Nium's global platform for near-instant payouts without pre-funding requirements
SAN FRANCISCO, June 22, 2022 /PRNewswire/ -- Nium, the global platform for modern money movement, and the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of the open-source public blockchain Stellar, today announced a partnership to enable payouts to 190 countries.
Businesses can now facilitate fiat payouts to 190 countries on Stellar, a network purpose-built for fast and efficient payments. Stellar's faster, more convenient approach to cross-border payouts improves upon the traditional correspondent banking system, accelerating the receipt of funds, reducing settlement risk, and removing pre-funding requirements.
"The scale at which Nium is able to offer cross-border payouts around the world is further enhanced by the speed with which we are able to deliver payments for businesses," said Joaquin Auyso, Head of Nium Crypto. "Our approach to modern money movement on Stellar innovates on legacy approaches well past their prime. It showcases both Nium's global reach and real-time payment capabilities to a thriving network of business leaders and innovators."
By launching an API connection that conforms to Stellar interoperability standards, Nium will be able to provide clients on the Stellar network with a suite of payment services that can scale as their global money movement needs evolve and progress. In addition to its ability to send payments anywhere in the world, Nium offers enhanced real-time payment capabilities. With Nium, businesses are not required to build their own payment infrastructure. Instead, they can simply build their brand on top of an existing platform and leverage Nium's regulatory licenses and authorizations in over 40 countries.
This integration is noteworthy for senders of cross-border payments, who can benefit from Nium connecting them to new markets, as well as for Stellar-connected wallets, which can leverage Nium's fiat on/off ramps to expand into new countries. Nium's integration with the Stellar network will allow companies to facilitate near-instant payouts without having to prefund their local treasuries.
"This integration truly drives home the value that blockchain-powered cross-border payment solutions bring to the current financial system," said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. "At SDF, we are always working to fill up the map and connect the network to more of the globe. Together with Nium, we are thrilled to expand the reach of the Stellar network so significantly."
Nium is the global platform for modern money movement. It provides banks, payment providers, and businesses of any size with access to global payment and card issuance solutions. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe. Once connected to the Nium platform, businesses are able to pay out in more than 100 currencies to over 190 countries – 100 of which in real time. Funds can be received in 35 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium's growing card issuance business is already available in 34 countries, including Europe (SEPA), the UK, Australia and Singapore. Nium holds regulatory licenses and authorizations in over 40 countries, enabling seamless global payments and rapid integration, regardless of geography.
For more information, visit: https://www.nium.com or connect with a specialist here.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 6 million accounts. For more information, visit stellar.org.
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.
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