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- Nium Launches Nium Verify for Real-Time Account Verification Across 50 Markets
Nium Launches Nium Verify for Real-Time Account Verification Across 50 Markets
Slice of Finance Team
30 Oct
Key Highlights:
Instant Account Verification across 50 markets to reduce errors and enhance payment finality.
Fraud Prevention & Compliance for secure cross-border transactions, meeting UK and EU standards.
Enhanced Operational Efficiency with a single API integration for automated verification.
Reduced Payment Failures by addressing errors with real-time accuracy, saving millions in reconciliation costs.
Customer Testimonies from Worldpay and ORO Labs highlight significant cost-saving and fraud prevention benefits.
Source: PR Newswire
Notable Quotes:
"With Nium Verify, we're providing a solution that not only enhances operational efficiency, but also strengthens security and compliance for cross-border transactions."
"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."
"The ability to instantly validate beneficiary account details is a game-changer for our customers, and the real-time process can help them with improved efficiency and compliance."
Our Take:
Nium Verify is a pivotal addition to Nium's real-time payments infrastructure, addressing major pain points in global payment processing, including failed payments, fraud, and compliance issues. With an estimated $118.5 billion lost to failed payments globally, the solution's instant verification capabilities not only reduce these costs but also streamline operations, making international expansion more feasible and secure for businesses. The product’s endorsements from industry leaders such as Worldpay and ORO Labs further validate its effectiveness, setting a new standard for accuracy, security, and compliance in cross-border transactions.