Singapore – Nium, a global cross-border payments firm, has recently unveiled an expanded global partnership with cross border payments company Kinexys by J.P. Morgan. This alliance aims to offer data for validating bank account details in international transactions directed to Malaysia, Thailand, and Hong Kong.
Through the initiative, Nium Verify will provide data to Confirm, an application developed by Kinexys by J.P. Morgan, that facilitates the exchange of global account validation information. This innovative tool enables real-time beneficiary account verification before payments are made, reducing the chance of errors and failed payments in cross-border transactions.
Nium will also play a crucial role in providing data from Nium Verify to Liink, a solution developed by Kinexys by J.P. Morgan’s blockchain business unit, aimed at offering scalable solutions and creating ecosystems that transform the way information, money, and assets move.
Built on a private, permissioned blockchain network, said tool further allows participants to share information across its network, while also maintaining the three fundamental properties of information sharing including sovereignty, security and privacy.
On the other hand, Nium Verify delivers global, real-time insights into the account beneficiaries across over 50 markets. This solution employs advanced technologies to instantly confirm the accuracy of account details
Zack Chestnut, global head of Business Development at Kinexys Liink and Kinexys Digital Payments, said,”The additional markets for which Nium is able to provide data coverage will expand Confirm’s significant global reach even further, providing incremental value to inquiring participants on the network without requiring any incremental technology uplift.”
“This is in line with Confirm’s goal to provide global account verification services through a single, secure network. We are excited to partner with Nium to provide additional value to our participants and make the global payments ecosystem more efficient,” he added.
Alex Johnson, chief payments officer at Nium, further commented, “We are excited to deepen our relationship with Kinexys by J.P. Morgan and move closer towards our shared goal of providing businesses with faster, more secure, and reliable payment experiences in the rapidly growing APAC region.”
“This collaboration aligns with Nium’s mission to simplify and streamline cross-border payments for businesses worldwide. By leveraging our account verification capabilities, we are reducing friction in global payments, creating a more efficient, secure, and compliant payments ecosystem,” concluded Johnson.
