Real-time global payments provider Nium has announced its partnership with Jeonbuk Bank in order to offer remittance services for customers in South Korea. Following this announcement, the companies will focus on providing South Korean customers with a secure and efficient global remittance service.

In addition, the solution is set to provide users based in the country with affordable and reliable global payment products, as well as with access to the needed financial tools for their development and security in an increasingly interconnected world. By using Nium’s expertise in cross-border payments and combining it with Jeonbuk Bank’s strong local presence and client base, the strategic deal will deliver real-time payment services (RTP) with an overall optimised level of reliability and comprehension. At the same time, this is expected to improve the overall financial inclusion of the area as well, by enabling both foreign workers and non-Korean residents to benefit from the partnership as well.

This will allow the customers to enjoy a more competitive and efficient pricing structure for their remittance needs and expectations. Nium’s recent strategy of development Real-time payments provider Nium offers banks, fintechs, financial institutions, and businesses globally the possibility to collect, convert, and disburse funds and money instantly across borders. The firm had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.

In October 2023, the company announced the release of its Global FX, a service that aimed to allow guaranteed and competitive FX rates for customers and clients. The tool was developed with the ability to lock and hold an FX rate for up to 24 hours and to settle FX conversions on a future scheduled date, which focused on optimising the manner in which businesses and merchants mitigated the risk of currency fluctuations and their overall cash flows. According to the press release, Nium’s payment infrastructure was set to continue to offer logistic capabilities so that clients received transparency and visibility into where their money was and how much it cost for them to send the funds.

At the same time, the company also mentioned the launch of a suite of features and products that focused on predictability, reliability, and transparency. Earlier in the same month, Nium announced the expansion of its B2B travel payments capabilities in the Asia Pacific (APAC) region. This strategy was aimed to build on the increased demand for the firm’s virtual credit card offerings across the globe.

As part of the expansion, Nium was set to progressively roll out a combination of domestic issuing and funding in Hong Kong, Singapore, Australia, and Japan. Nium also focused on further upgrading the payment experience for the new and already existing clients within the APAC region. This aimed to be added to more than 20 currencies in Europe and North America.

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