Fintech platform NIUM has joined forces with payment technology firm Geoswift in an effort to connect China to the rest of the world.
The tie-up enables NIUM customers to transfer money to the receiver’s UnionPay card account in real-time.
In China, 14 banks including Bank of China, Bank of Shanghai, China Construction Bank, China Everbright Bank, and ICBC will get these real-time services.
The alliance enables consumers and businesses to make remittances on its website or app through InstaRem, NIUM’s consumer and SME brand.
The remittances into China can be initiated in more than 40 source currencies provided by NIUM’s Send service. The recipient will get the payout in Chinese Yuan.
Geoswift CEO and founder Raymond Qu said: “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.”
NIUM CEO and co-founder Prajit Nanu said: “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.”