Singapore-based global fintech platform Nium has unveiled Nium Verify, a new solution providing real-time bank account verification.

This service is designed to enhance business operations by instantly confirming beneficiary bank account details, thereby reducing errors and compliance risks.

Available in 50 markets, Nium Verify connects directly with clearing systems and major banks in each country, offering immediate validation of account details prior to initiating transactions.

It also helps streamline the onboarding process for marketplaces, with no requirement of payment to immediately follow the verification process.

The service promises to decrease payment failures, prevent fraud, enhance operational efficiency, and quicken settlement times.

Nium chief payments officer Alex Johnson said: “Nium Verify comes at a critical time as businesses expand internationally and need to pay multiple beneficiaries across the globe.

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“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.”

With failure rates due to incorrect account information ranging between 10-15%, Nium Verify aims to significantly reduce these errors.

The service also supports compliance with regulations in regions such as the UK and EU by ensuring account details match the registered holder.

Operational efficiency is another key benefit, as Nium Verify automates the process through a single API, removing the need for manual checks.

This automation is expected to cut operational costs and speed up the payment process.

The comprehensive coverage of Nium Verify includes all major banks within the available markets.

Worldpay, a Nium customer, payouts head John McNaught said: “Worldpay processes over 50 billion transactions for an estimated value of $2.3tn, and ensuring these payments reach their intended recipients is a top priority.

“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 associated with reconciling misdirected payments.

“We’re looking forward to integrating this technology into a seamless customer experience that reduces payment failures, mitigate fraud, eliminate manual verification, and improves operational efficiencies.”

Earlier this month, Bank Rakyat Indonesia teamed up with Nium to offer real-time international money transfer capabilities to Indonesian customers.