The Ripple partner has made significant moves to expand its payment services to more countries beyond Southeast Asia.
Ripple partner Nium has ventured into a partnership with the Stellar Development Foundation (SDF) in a bid to facilitate fiat payouts to more countries outside Southeast Asia.
Nium noted that the initiative will enable businesses to process fiat payments to 190 countries on the Stellar network at a relatively faster pace than what is obtainable in the traditional financial industry.
Businesses will also be able to conduct transactions more conveniently, accelerate the receipt of funds, reduce settlement risks, as well as eliminate the traditional pre-funding requirements of their local treasuries.
Nium Boosts Its Services Using RippleNet
Joaquin Auyso, head of Nium Crypto, said the company has over the years bolstered the scale at which it offers cross-border settlements and also the speed at which it helps businesses deliver payments to their clients.
It is noteworthy that Nium recorded a massive expansion in its businesses following its recent adoption of RippleNet.
“Our approach to the modern money movement in Stellar innovates on legacy approaches well past their prime. It showcases both Nium’s global reach and real-time payment capabilities to a thriving network of business leaders and innovators,” Auyso added.
Stellar Clients to Benefit From the Initiative
Notably, Nium has developed an API connection that is in line with the Stellar interoperability standard, thus providing Stellar Network clients with a suite of payment services.
Per the announcement, the partnership is imperative for clients who will benefit from the services offered by both clients. Nium stated that it will connect businesses to new markets, helping them leverage the fiats on/off ramps, which is essential in expanding into new markets.
Reacting to the development, Denelle Dixon, CEO and Executive Director of SDF, said:
“At SDF, we are always working to fill up the map and connect the network to more of the globe. Together with Nium, we are thrilled to expand the reach of the Stellar network so significantly.”
Dixon added that the collaboration goes to show the power of blockchain-based payment solutions, which brings more value to the existing global financial system.
Nium Enhances Its Operations Via Ripple
Launched in 2014, Nium has been focused on offering an efficient and transparent payment system to its growing clients. The company recently joined RippleNet to process real-time transactions at a relatively low cost.
Prajit Nanu, the co-founder of Nium said: “Through Nium’s use of Ripple in the Philippines and Mexico corridors, we have been able to eliminate pre-funding requirements and offer faster remittances at a lower cost.”