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   Nium Partners with Jeonbuk Bank to Launch Global Remittance Service 21
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      New!
      Access transparent FX rates and avoid hidden markups

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     Payments Platform Docs
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NIUM’S MODERN FX GIVES COMPETITIVE EDGE TO GLOBAL BANKING AND SOFTWARE
PLATFORMS.

Nium Dev Team
10 Minute read
·
1 month ago


Platforms and companies operating globally are faced with a highly volatile FX
(foreign exchange) market, and most solutions aimed at addressing this risk have
highly opaque costs. Nium is solving this by offering guaranteed FX rates while
providing full transparency into the FX costs, so clients always know what to
expect. To further this promise, we’ve launched an FX markup calculator that
shows the interbank FX rates (including historical data) so that you can
calculate the true cost of FX from other providers and reveal the hidden markups
and fees. 


WHY IT’S HARD

For companies that operate globally, moving money across borders efficiently and
at a low cost is critical for their success. However, any cross-border payment
involves a conversion from the currency of the sender to the currency of the
beneficiary. The exchange rates between any two currencies fluctuate every
minute based on hundreds of factors. Just to illustrate, look at the extent of
FX rate fluctuations between the British Pound and Japanese Yen just within a
few days.  



 

In addition to the rate fluctuations, other factors like differences in
regulatory environments, non-overlapping working hours/days, slow settlement
speeds and insufficient liquidity add further complications. In this
environment, sending a fixed amount to the beneficiary at a competitive cost is
a bit like trying to land the ball on the other side of this crazy shifting ping
pong table!



 

A lot of service providers offer guaranteed FX rates to help address this
problem, but these rates have huge markups included and provide very little
transparency to the users. It is estimated that the hard costs of FX average
6.5% to the bottom line and this true cost is never known upfront. No wonder
36%1 of SMEs lack visibility on how much money is lost in FX.

For any global enterprise paying overseas suppliers, paying employees, and
reimbursing expenses, having a strategic approach to FX is imperative.  


THE NIUM DIFFERENCE: 


GUARANTEED & COMPETITIVE FX RATES: 

We understand the unique needs of customers based on their industry segment. For
e.g., consider a payroll provider serving employers having international
employees. The employer wants to ensure that its employees are paid the agreed
amount in the destination currency exactly on the payroll date. It also wants to
know the amount that it needs to pay in its source currency. 

Nium offers a configurable “lock period” for its FX quotes to give the employer
time to consider the rate and confirm the conversion. Once the conversion is
confirmed at the guaranteed FX rate, Nium can execute it on a scheduled future
date (to allow the source funds to arrive from the employer). 

Our global network that consists of 60+ bank partners and licenses and $25+ Bn
in annual funds flows, enables us to manage this risk at the lowest cost
possible, thus allowing us to pass down the savings to our customers through
competitive FX markups.  

Let’s look at a few use cases: 

 * A payroll platform that favors low FX costs over liquidity can lock in a
   favorable FX rate on the 10th of the month and schedule the conversion and
   settlement on the 12th to ensure they have the time to collect the source
   funds from the employers. This allows them to make the payroll payouts in the
   local currency on the 15th without having to worry about the FX rates and
   fluctuations on the payroll date. Real-time payouts to over 100 countries
   ensure businesses avoid bad employee experiences as well as potential
   penalties due to any late employee payments. 

 * Another payroll platform that wants to fund “just in time” can lock an FX
   rate on the 13th, collect funds from the employer through a direct debit and
   make the employee payroll payments on the 15th using the real-time payout
   rails.  

 * A financial institution can help a manufacturer lock in raw materials with a
   real-time FX payout to a supplier using existing funds in a Nium wallet,
   locking in critical supplies and facilitating a strategic supplier
   relationship. 


TRANSPARENT MARKUPS:

We calculate the customer’s FX rate by adding a transparent markup (that we have
previously agreed upon) to the latest interbank FX rate for that currency pair.
All of our FX related APIs return this information (I.e., the interbank FX rate
and the Nium markup), so that our customers can verify their actual FX markups
anytime they want.  

In contrast, some of our competitors use opaque FX rates without clearly showing
the amount of markup they have added on top of the interbank rate. They also do
not change their rates for days, which means that the markup between the
underlying interbank rate and their rates is even more unclear. 

At Nium, we really want to move the industry towards providing more and more
transparency, so that the end customers get the benefit of lower costs and an
ability to make informed decisions. One of the tools we have built is an FX
markup calculator that gives you access to the interbank FX rates (including
historical data) so that you can calculate the true cost of FX from other
providers and reveal the hidden markups and fees. 



Try the Calculator: https://www.nium.com/platform/global-fx

Customer quote: ”We chose Nium for global payments in local currencies because
of its ability to offer a complete, low value payments solution that has no
limits and can be delivered real-time with 24x7 service. This is a major
improvement over what legacy banks are currently offering. In 2023, payment
volumes have steadily increased leading to significant cost savings. Client
satisfaction due to real-time delivery has also increased in target verticals
and markets around the world.” - Vince Carere, Director, Payment Solutions
Integration and Implementation at Moneycorp 

Learn more about Nium’s FX features and value proposition

Check out the FX API docs 

Sources: 

 1. Mastercard business payments report. 

By Sunil Joshi


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AUTHOR

 * Sunil Joshi
   
   Director of Product Management


TABLE OF CONTENTS

 * Why it’s hard
 * The Nium difference: 
 * Guaranteed & competitive FX rates: 
 * Transparent markups:


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