Nium, a leading fintech company, has announced its entry into the FAST and PayNow networks, signaling a significant step in its mission to reshape the global real-time payments landscape. These networks, known for their efficiency and security in electronic fund transfers, will now facilitate seamless and instantaneous SGD fund transfers between accounts and e-wallets held across both banks and non-financial institutions (NFI) within Singapore.
FAST, which was introduced in March 2014, initially catered to bank participants but expanded its scope to include NFI participants in February 2021. Nium joins a growing group of non-financial institutions participating in this cutting-edge initiative, alongside 30 banks from around the world. Similarly, PayNow, operational since July 2017, primarily served bank participants through the FAST system until its coverage was significantly expanded in February 2021 to encompass NFI participants, of which Nium is now a part.
Traditionally, Nium facilitated cross-border money transfers by leveraging different local clearing systems in collaboration with banking partners. By integrating directly with FAST and PayNow, Nium eliminates additional steps and intermediary parties in the payment process, enhancing efficiency and resilience in customer payments within Singapore.
Anupam Pahuja, Nium’s Executive Vice President and General Manager of Asia Pacific, Middle East, and Africa, expressed his enthusiasm about this development, stating, “Joining the FAST and PayNow networks is a pivotal step towards shaping the future of global real-time payments. In line with the Monetary Authority of Singapore’s (MAS) vision, Nium is now a new NFI accessing the network to be able to offer cross-border real-time payments into Singapore. We are already able to do this in Europe through the SEPA network and are looking at integrating directly into clearing systems across many more countries.”
With its direct integration into the FAST and PayNow networks in Singapore, Nium will have the capability to provide virtual account numbers and PayNow proxies to customers. Moreover, Nium will be able to send and receive local SGD in customers’ names, further enhancing the speed and convenience of financial transactions.
As Nium continues to pioneer innovative financial solutions, its inclusion in the FAST network underscores its commitment to delivering fast, secure, and transparent payment experiences for customers worldwide. This move represents a significant leap forward in the fintech industry and is poised to redefine the way global real-time payments are conducted, setting the stage for a more interconnected and efficient financial ecosystem.