CryptoCurrency
Nium launches real-time bank account verification solution
Nium, a global infrastructure for real-time cross-border payments, today announced the launch of Nium Verify, a real-time bank account verification solution for businesses and individual accounts, available across 50 markets.
Designed to empower businesses with instant verification of beneficiary bank account details, Nium Verify aims to reduce errors, operational inefficiencies, and compliance risks, increasing the confidence of the finality of real-time payments.
Traditional methods of account verification are often time-consuming, error-prone, and susceptible to fraud. Nium Verify addresses these challenges by integrating directly with clearing systems and major banks within each country, providing instant confirmation of beneficiary account details before transactions are initiated.
Additionally, Verify can be used to streamline onboarding for marketplaces, since the payment does not have to immediately follow the verification.
“Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe,” said Alex Johnson, Chief Payments Officer at Nium. “With Nium Verify, we’re providing a solution that not only enhances operational efficiency, but also strengthens security and compliance for cross-border transactions. This helps businesses verify account details with confidence, eliminating costly misdirected payment, preventing fraud and improving customer experience.”
Verify covers all major banks within available markets, providing reliable and comprehensive account verification. The launch of Verify, alongside Nium’s recently announced capability that allows financial institutions leverage Swift capabilities and existing infrastructure to connect to Nium’s network, deepens the company’s comprehensive global payments offering.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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