Nium, Modern Exchange Partner on International Payments 

The payments and card issuance company Nium has joined forces with Oman’s Modern Exchange Co. for a partnership that will see Modern Exchange leverage Nium’s payments infrastructure around the globe.

“As the country moves rapidly towards a more digitised, seamless and transparent system of processing both national and international payments, companies like Modern Exchange Co are embracing the adoption of digital payments and looking for trustworthy partners like Nium to help with their global growth strategy,” the two companies said in news release Tuesday (Dec. 7). 

The partnership will allow Modern Exchange to connect with correspondent banks around the world, letting customers make real-time payments.

The companies say Nium’s payout capability will let Modern Exchange provide P2P and B2B cross-border payments in all major currencies, access to numerous real-time payment corridors, speedy settlements and competitive FX rates. 

“Accessing Nium’s global payments infrastructure will enable us to provide the fast and efficient pay-out services to our customers, looking to remit funds in the biggest markets globally,” said Philip Koshy, general manager at Modern Exchange. 

“The partnership with Nium will redefine standards in the remittance business, especially for payments to Canada, USA, Australia, the U.K. and Europe; making it more cost-efficient in comparison to other financial institutions,” he said.

Read more: Nium Hits Unicorn Status With $200M Funding Round 

Based in Singapore, Nium’s application programming interface (API) gives customers the tools for things like pay-outs, pay-ins, card issuance and Banking as a Service.  

Users can send funds to more than 100 countries (typically in real time), make payments in more than 60 currencies, accept funds in another seven currencies and issue cards in more than 40 countries. 

Nium became southeast Asia’s first B2B payments unicorn earlier this year, after a $200 million funding round brought its valuation to more than $1 billion.