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As part of its efforts to expand real-time payments globally, financial-service technology provider Nium Pte. Ltd., has partnered with Roxe, a global payment network that uses blockchain technology to settle transactions. The partnership will allow Roxe to leverage the reach of Nium’s network to initiate cross-border payouts, including those from the United States to Europe, the United Kingdom, and Australia.
By partnering with Nium, Roxe will be able to make peer-to-peer payouts to about 190 countries—85 of which will be able to receive real time payouts in more than 100 currencies—and pay-ins, or deposits, in 35 markets. Payouts can be made direct to a bank account, mobile wallet, or debit card. Nium’s network supports peer-to-peer, business-to-consumer, business-to-business, and consumer-to-business payments.
By leveraging blockchain technology alongside other techniques to settle transactions, Roxe can lower foreign-exchange and cross-border remittance costs by sending funds directly to an account, wallet, or card. Fees for traditional cross-border remittances can be as high as 3% to 5% of the transaction, says Michael Bermingham, chief business officer and co-founder for Nium.
To hold down transaction costs Roxe’s payment network selects the best route for initiating a payment for businesses or individual anywhere in the world. The company says it unifies fragmented global payment systems so that payment and remittance companies, banks, central banks, and consumers can get the speed and cost savings benefits of blockchain technology without directly transacting with cryptocurrencies.
“Our partnership with Nium enables us to better deliver on our promise of instant peer-to-peer payments that don’t rely on the antiquated correspondent-bank model,” Thomas Trepanier, managing director of Roxe, says in a prepared statement.
