Money movement platform Nium is working alongside the Stellar Development Foundation (SDF) to offer payouts for 190 countries, a press release said.
SDF supports the open-source blockchain Stellar, which is built for “fast and efficient” payments, the press release noted, which improves cross-border payouts while cutting risk.
Now, businesses will be able to facilitate fiat payouts to those countries.
The release said the API connection from Nium will conform Stellar to interoperability standards, which will let it give clients on the Stellar network a suite of payment services that can scale as their global money movement needs change.
Nium also offers real-time payments, as businesses aren’t required to build their own payment infrastructure — instead, they can build a brand on top of an existing platform and use Nium for various official regulatory needs.
“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.”
In May, Nium announced that it would be able to process real-time payments in Malaysia, PYMNTS wrote.
Nium now processes over 75% of its transactions globally in real time.
Malaysia had had around 1.1 billion real-time payments in all of 2021, with the number projected to grow to 3.6 billion by 2026.
Nium COO and Co-Founder Pratik Gandhi said there had been more nations working with Nium to modernized legacy systems.
The company said it also now had an expanded license in Malaysia, which will allow it to onboard licensed corporations of all sizes on its platform, including financial institutions and payment service providers, with higher outbound limits and ways to control end-user pricing.