Unifimoney Partners With Nium For Real-Time Global Transfers

Silicon Valley neobank startup Unifimoney is partnering with Singapore FinTech startup Nium for real-time money transfers across the globe, the companies said in a statement on Wednesday (Oct. 21).

The tie-up will offer Unifimoney customers an enhanced and expanded money transfer experience that happens in real time.

Gabriel Grisham, vice president, head of U.S. business development for Nium, noted that cutting-edge technology sets providers apart in a crowded payments landscape and that “new technology” improves customer experience. “We are thrilled to be the trusted provider for international money transfer services for Unifimoney and its customers,” he added.

Neobanks are increasing in number as FinTechs continue disrupting legacy banking. Few, however, have the ability to handle international money transfers. As digital financial tools become more commonplace, neobanks like Unifimoney are expanding solutions and services to attract more users.

“Nium’s mission is to create a global FinTech infrastructure that can enable banks, financial institutions and other FinTech companies to launch and scale innovative digital financial services without the complexity, time and cost previously required to do so. This partnership with Unifimoney to enhance their payments capabilities beyond the U.S. is a testament to that effort,” Grisham said.

Nium’s global transfer capabilities will give Unifimoney’s customers a secure, automated solution to manage their savings, investments and expenditures. Money can be sent to major hubs in Europe and Asia using the app, and the FX rate is lower than that of banks.

“The Unifimoney user is a high-earning, highly educated professional, often in tech or medicine. Many have already asked about sending money to friends and family back home, so we’re very excited to deliver the best-in-class solution for global payments by partnering with Nium,” said Ben Soppitt, founder and CEO of Unifimoney.

Cross-border remittances can be difficult due to the various anti-money laundering (AML) and counter-terrorist financing (CTF) laws. The September Smarter Payments Tracker® takes a look at the compliance challenges global money transfer organizations face.

The worldwide COVID-19 pandemic has also introduced security issues as workarounds opened new vulnerabilities in global transfers. Lack of standardization is another problem with remittances.