Nium, a leader in global payments and card issuance for businesses, today launched its virtual card issuing solution in the United States, making it faster and easier for travel-related businesses to pay suppliers. The Nium virtual card solution enables online travel agencies (OTAs), travel management companies, travel tour operators, and corporations to streamline, revamp their spend management processes, and drive greater productivity and cost savings. Businesses can now digitize their supply chain, such as payments to suppliers and vendors, or internal processes, such as automated reconciliation - all with better rebates and higher levels of security.
Even before the current global pandemic, the travel industry has been long overdue for technology and process modernization. Our virtual cards solve an urgent need for online travel companies looking to improve operations and to create long-term efficiencies that improve margins and cash flow."
Spencer Hanlon, Global Head of Travel Payments at Nium.
Recent events including COVID-19 have propelled virtual card issuance capabilities from "nice to have" to "essential" status for travel businesses, and card issuance is a particular opportunity for growth within the United States. It is estimated that the annual value of virtual cards used by businesses will exceed $1 trillion by 20221.
The Nium virtual card issuing solution helps travel-related businesses optimize payments across the value chain, by:
Unlocking more working capital Straight through funding closes funding gaps, while scheduling card loads 'just in time' for charges maximizes working capital
Reconciling transactions faster Easily attach and match booking references to payments with a unique card for every booking
Minimizing fraud Single use cards, individual card limits, scheduled card loads, and automated deletion minimize fraud exposure
Efficiency in implementation Nium virtual cards come with a host of features to power efficiency including implementation in as little as two weeks
Following the acquisition of Ixaris earlier this year and the great success of its card issuance business in EMEA and APAC, Nium will use its new virtual card solution to expand its card issuing capabilities in the United States, initially within the travel sector, with plans to expand into new verticals. The global reach of Nium's card issuance business now includes 34 countries, with more than 31 million physical and virtual cards already issued. Nium's customer centric approach and modular platform allows businesses to embed financial services, including virtual card issuing, in weeks, not months. In addition to card issuance, Nium supports pay-outs to as many as 190 countries (85 in real time) in 100+ currencies and pay-ins to 35 markets, all supported by 11 global financial licenses and a robust suite of regulatory and compliance technologies.
Nium is a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment services. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe with services for pay-outs, pay-ins, card issuance, and banking-as-a-service. Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries - 85 of which in real time. Funds can be received in 27 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium's growing card issuance business is already available in 34 countries, including Europe (SEPA), the UK, Australia and Singapore. Nium's license portfolio covers 11 of the world's jurisdictions, enabling seamless global payments and rapid integration, regardless of geography.