US-based payments provider Nium has announced that it expanded its platform’s capabilities, as well as that it partnered with Lemonway . As per the information provided in the press release, Nium’s new product features are set to be available on its existing global payments platform, allowing marketplaces to integrate a suite of capabilities.

These aim to simplify payouts to their cross-border sellers operating in several countries globally. Nium’s new features and what they intend to do With its additional capabilities, Nium aims to simplify payouts to its cross-border sellers operating in several countries globally, with the features focusing on: Delivering flexible multi-currency payouts, with users being able to pay worldwide sellers in nearly 220 markets, more than 100 currencies, and over 100 real-time corridors to bank accounts, cards, and wallets; Improved onboarding by instantly validating and authorising payout accounts and utilising automated ID verification Know Your Customer (KYC) and Know Your Business (KYB) capabilities; Taxpayer information reporting, as users can collect details to fulfil tax calculations and reporting obligations; Enhanced FX management, with customers being able to lock and hold rates to improve the administration of currency risks and control transaction costs; Global licencing by accessing Nium’s network of licences in more than 15 jurisdictions for comprehensive worldwide coverage and regulatory compliance. Through its current move, Nium intends to mitigate the difficulties that marketplaces with cross-border sellers face when navigating the complexities of compliance regimes payment preferences, and FX fees at scale.

More news from Nium In a bid to include payouts via SEPA Instant Rails to its existing solution, Lemonway entered a collaboration with Nium which allows online marketplaces to meet the needs of cross-border sellers and accelerate expansion. Representatives from Lemonway underlined that the partnership with Nium aims to enable the delivery of a consistent payment experience for its marketplace customers across Europe. By joining forces, the two companies intend to allow these platforms to improve the seller payment experience, enter a global community, and accelerate new market expansion. Furthermore, such strategic moves focus on enabling Nium to support its growth trajectory and vertical expansion.

Currently, Nium serves financial institutions, digital platforms, and global businesses across the remittance, payroll, spend management, travel, insurance, and marketplace sectors. For more information about Nium, please check out the company profile in The Paypers Company Database. .