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The partnership allows users to credit money to receivers’ UnionPay card accounts in China in real-time
Global fintech platform NIUM has partnered with Geoswift, an innovative payment technology company, to enable its overseas customers to remit money into China, according to a company statement released on Tuesday.
The tie up allows NIUM’s worldwide customers to send funds directly to a receiver’s UnionPay card account. Transfers are instantaneous with 14 banks in China, and will be processed within 48 hours with over 50 other banks. This discrepancy is because NIUM requires account holders at the other banks to perform a one-time account registration to accept the first transfer.
Digitalization of business processes has been accelerated by the implementation of social distancing measures to counter the global pandemic. According to NIUM, the partnership with Geoswift eliminates the hassles associated with traditional methods of cross-border remittance into China, which involved making trips to bank branches or remittance centers and waiting in long queues.
NIUM’s facilities can be utilized by overseas customers looking to send money to their loved ones in China and by businesses looking to make payments to staff or freelancers in China. According to the statement, NIUM will also launch a service to allow banks and financial institutions to offer their clients remittance service to China.
Consumers and businesses can conduct fund transfers easily through InstaReM, NIUM’s subsidiary consumer and SME brand, on its website or mobile application. Banks and financial institutions looking to integrate the service can soon do so by integrating NIUM’s enterprise API tools into their existing systems.
All fund transfers into China can be initiated in any of the 40+ source currencies currently offered through NIUM’s platform, and recipients will receive the payout in Chinese Yuan.
Founded in 2014 to simplify cross-border payments, Singapore-headquartered NIUM has offices in eight countries and has since grown to offer financial technology solutions to large enterprises, banks and financial institutions.
“I am extremely thrilled about our partnership with Geoswift, and it could not have been come at a better time. NIUM started off as a remittance service that aims to make money transfers more seamless and convenient for consumers, and I am glad to see this being extended to business and financial institutions as well,” said NIUM CEO and Co-Founder Prajit Nanu. “This partnership is a testament to our increasing focus to provide an easier and also more convenient way for people and businesses to conduct funds transfer.”
CEO & Founder of Geoswift Raymond Qu said, “The partnership with NIUM is a natural extension of our strategy to become one of the leading providers of instant P2P payments solution. In order to fulfill the ever-growing business and customer demands for instant money movement into China, we will continue to offer our clients fast, safe and more convenient payment options with their business partners, friends and family.”
Header Image by mohamed Hassan from Pixabay