Nium, the leading 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.

As companies expand internationally, the need for accurate and secure payment processing has become critical. In 2020, failed payments were estimated to cost the global economy $118.5 billion, creating a huge opportunity for cost savings as well. 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."