Customers of Singapore-based fintech NIUM will now be able to send funds directly to a receiver’s UnionPay card account with 14 Chinese banks in real-time and another 50 banks within 48 hours.
This is possible following a partnership between NIUM and Geoswift, a payment technology company connecting China and the rest of the world.
Before, people or businesses who wanted to send cross-border remittances into China had to rely on banking infrastructure, or money remittance centers. Recipients in China would need to make trips to bank branches or remittance centers and wait in line.
Consumers and businesses can conduct the fund transfers easily through InstaReM, NIUM’s consumer and SME brand. Banks and financial institutions looking to integrate the service can soon do so via an integration of NIUM’s enterprise API tools into their existing systems. All funds transfers into China can be initiated in any of the 40 plus source currencies currently offered through NIUM’s Send service and recipients will receive the payout in Chinese Yuan.
Prajit Nanu, CEO and co-founder of NIUM, trumpeted: “I am extremely thrilled about our partnership with Geoswift, and it could not have come at a better time. NIUM started off as a remittance service that aims to make money transfers more seamless and convenient for consumers, and I am glad to see this being extended to business and financial institutions as well. This partnership is a testament to our increasing focus to provide an easier and also more convenient way for people and businesses to conduct funds transfer.”
The equally enthusiastic Raymond Qu, CEO and founder of Geoswift, added: “The partnership with NIUM is a natural extension of our strategy to become one of the leading providers of instant P2P payments solution. In order to fulfill the ever-growing business and customer demands for instant money movement into China, we will continue to offer our clients fast, safe and more convenient payment options with their business partners, friends and family.”
The banks with the real-time funds transfer functionality are:
Bank of China
Bank of Communications
Bank of Shanghai
China Construction Bank
China Everbright Bank
Fujian Rural Credit Cooperative
Guangdong Rural Credit Cooperative
Henan Rural Credit Cooperative
Hua Xia Bank
Hunan Rural Credit Cooperative
Industrial and Commercial Bank of China
Qinghai Rural Credit Cooperative.