Lithuania-based Electronic Money Institution (EMI) Nexpay has announced that it added SWIFT payments in 23 currencies. According to the official statement, this decision was made in an attempt to respond to the needs of digital businesses from all around the world.

By expanding its services, Nexpay positions itself in line with the prevailing global trend within the industry, which has recently undergone a significant shift towards the transformation of cross-border payments. Following this new update, Nexpay’s customers will be able to use SWIFT’s universal payment infrastructure. News of this expansion of service comes after Nexpay has previously focused on transactions in EUR, via the SEPA payment system.

However, following this new announcement, the EMI has extended its offering to feature multi-currency transactions via the SWIFT network. According to the official release, Nexpay’s customers will now be able to process payments in a wide array of currencies, including USD, GBP, JPY, AUD, and CAD, among others. Moreover, the EMI offers an automatic conversion feature that enables users to make transactions and have their funds converted into their EUR accounts.

When commenting on this new offering expansion, a representative from Nexpay emphasised that the EMI’s decision to incorporate SWIFT payments is an expression of its dedication to a banking approach that values ease, security, and affordability, which is in line with the shifting landscape of cross-border payments. More about Nexpay’s strategy and previous developments Nexpay is a fintech scaleup that provides business banking solutions that are specifically addressed to digital companies. The company is reportedly an authorised EMI with a licence from the Bank of Lithuania and it is compliant with regulations and consistently reporting to its supervisory authority.

To this date, the fintech has processed EUR 7 billion in transactions across 42 countries. What is more, Nexpay purportedly provides its services to over 600 enterprises. Earlier in 2023, it was announced that Nexpay was part of Monoova’s successful trial to complete the first real-world cross-border settlement using the Australian dollar CBDC.

As part of Monoova’s live demonstration, attendees observed the completion of a domestic leg of an inbound FX remittance payment. More precisely, NexPay successfully received an Australian Dollar (AUD) payment from a client based in Japan. The settlement of this payment was made possible by Monoova, which transferred the funds to Nexpay's pilot Central Bank Digital Currency (CBDC) wallet.

The CBDC wallet provided evidence of the payment balance, supported by the Reserve Bank of Australia (RBA). .