Nium, a global payments platform, and South Korea’s SENTBE, a fintech company that offers cross-border payment platform, have announced their partnership to address the complexities surrounding international business payments, and streamlining payments in the country.
With its international business payments landscape, payments into South Korea will need to comply with the different requirements depending on the mode of transfers, and the added complexity of charges and conversations due to currency exchanges.
The partnership between SENTBE and Nium looks to address those situations and streamline payments into South Korea by simplifying the transaction flows through the removal of middlemen and allowing local currency payments.
Businesses can then ensure that the instructed amounts are being credited in full to the accounts of vendors, suppliers and recipients without any unforeseen deductions or conversion charges in between. The process is also fully transparent within the portal or through Nium’s APIs, providing easier tracking and visibility for the accounting team.
Through this collaboration, which will see Nium integrating SENTBE’s APIs, Nium customers from around the world can now make the fund transfers directly to the banks of their partners and vendors in South Korea. Customers of Nium are also able to, in turn, extend this service to their end users.
All funds transferred can be initiated in any of the 40+ source currencies currently offered through Nium’s Send Service and recipients will receive the payout in their local currency to all major banks in South Korea via SENTBE.
