Ripple partner takes on SWIFT with 90% cheaper solution for US brokers

Rick Steves

“Our new payments solution for FIs that send money to brokerages allows their retail customers to invest in U.S. equities – fast and simple”, said Nium’s CRO Frederick Crosby.

Nium has launched a new brokerage payments solution that offers international financial institutions (FIs) a faster and more cost-effective method of settling transactions to select U.S. brokerages enabling customers to easily invest in U.S. equities.

The new solution, which leverages Ripple’s blockchain network Ripplenet, claims to lower settlement costs for Financial Institutions by up to 90% for international brokerage account transactions when compared to transactions settled via the SWIFT International Payments Network.

XRP powers Nium’s alternative to Swift

Frederick Crosby, Chief Revenue Officer at Nium, said: “At Nium, we are constantly seeking to empower growing businesses with global reach to move money in smart, fast, and safe ways. Our new payments solution for FIs that send money to brokerages allows their retail customers to invest in U.S. equities – fast and simple. Nium’s new solution dramatically lowers the expense of these transactions, allowing FIs to either share cost savings with their customers or re-invest profits in the business.”

Nium has pointed to three major benefits of its global payments network and new brokerage solution: cost savings of up to 90%, improved customer satisfaction, and increased demand for new partnerships.

  • Cost savings of up to 90%: Global financial institutions leveraging the Nium brokerage solution can save up to 90% on each transfer, and use those savings to drive P&L gains or increase volume by offering customers lower cost transfers.
  • Improved customer satisfaction: Decreasing friction associated with investing in the U.S stock market for international investors drives customer loyalty and brand affinity.
  • Increased demand for new partnerships: By leveraging Nium’s network to optimize payments to U.S. brokerage accounts, global FIs can reach new customers by taking advantage of Nium’s low-cost transfers to drive new brokerage partnerships.

Retail investors have flocked toward investments across global markets as they look to diversify. Banks and brokers are the ones catering to the new market participants and must be able to satisfy their demands. The Nium global payments network enables these global businesses to maintain competitive advantage and differentiate themselves within the industry.

Nium was founded in 2014 and leverages Ripple’s advanced blockchain technology to process transactions in real-time for its customers.

It is said to be the first in the region to offer corridors from North and South America into a number of destinations in Southeast Asia. New connections on the network have also helped Nium solidify its presence across Australia, Singapore and Malaysia.

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