Partnership allows customers to credit money to the receiver's UnionPay card account in real-time
Global fintech platform NIUM partners with Geoswift to enable overseas customers to remit funds into China. (Credit: Pete Linforth from Pixabay)
Global fintech platform NIUM has partnered with Geoswift, an innovative payment technology company connecting China and the rest of the world, to enable overseas customers to remit money into China. The tie up allows NIUM’s customers worldwide to send funds directly to a receiver’s UnionPay card account with 14 banks in China in real-time, and another 50+ within 48 hours.
Traditionally, consumers or businesses who want to send cross-border remittances into China for personal or business purposes 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. The partnership with Geoswift eliminates the hassle and provides convenience and cost-savings to consumers and businesses looking to remit money into China, especially when social distancing measures are being implemented all over the world:
- For overseas consumers looking to send money to their loved ones in China
- For businesses looking to make payments to workers or freelancers in China
- For banks and financial institutions looking to offer their clients remittance service to China
Consumers and businesses can conduct the fund transfers easily through InstaReM, NIUM’s consumer and SME brand, on its website or app. 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+ source currencies currently offered through NIUM’s Send service, and recipients will receive the payout in Chinese Yuan.
“I am extremely thrilled about our partnership with Geoswift, and it could not have been 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,” said Prajit Nanu, CEO and Co-Founder of NIUM.
“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,” said Raymond Qu, CEO & Founder of Geoswift
The move consolidates NIUM’s increasing focus on providing an end-to-end solution for consumers, businesses, banks and financial institution. NIUM has evolved rapidly since its inception in 2014. The company started as a consumer remittance provider InstaReM and has since grown to offer financial technology solutions for large enterprises, banks and financial institutions.
For the list of banks with real-time funds transfer, please refer to below:
- Bank of China
- Bank of Communications
- Bank of Shanghai
- China Construction Bank
- China Everbright Bank
- Fujian Rural Credit Cooperative
- Guangdong Rural Credit Cooperative
- Harbin Bank
- Henan Rural Credit Cooperative
- Hua Xia Bank
- Hunan Rural Credit Cooperative
- Industrial and Commercial Bank of China
- Linshang Bank
- Qinghai Rural Credit Cooperative
Source: Company Press Release