Nium, the global platform for modern money movement, and the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of the open-source public blockchain Stellar, today announced a partnership to enable payouts to 190 countries.
Stellar allows businesses to make fiat payments to over 190 countries. This network is designed to speed up and efficiently pay. Stellar’s faster, more convenient approach to cross-border payouts improves upon the traditional correspondent banking system, accelerating the receipt of funds, reducing settlement risk, and removing pre-funding requirements.
“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,” Joaquin Auyso is 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.”
Nium has launched an API connection conforming to Stellar interoperability standard. This will allow clients on the Stellar network to access a range of payment services that can scale with changes in global money movements. Nium has enhanced real-time payments capabilities and can send payments around the globe. Businesses don’t need to create their own payment infrastructure with Nium. Instead, they can simply build their brand on top of an existing platform and leverage Nium’s regulatory licenses and authorizations in over 40 countries.
This integration is noteworthy for senders of cross-border payments, who can benefit from Nium connecting them to new markets, as well as for Stellar-connected wallets, which can leverage Nium’s fiat on/off ramps to expand into new countries. Nium’s integration with the Stellar network will allow companies to facilitate near-instant payouts without having to prefund their local treasuries.
“This integration truly drives home the value that blockchain-powered cross-border payment solutions bring to the current financial system,” Denelle Dixon, Stellar Development Foundation’s CEO and Executive director.. “At SDF, we are always working to fill up the map and connect the network to more of the globe. Together with Nium, we are thrilled to expand the reach of the Stellar network so significantly.”