Nium and Ebury hope to make it possible for companies to send and receive quick, dependable, and reasonably priced cross-border payments to and from Brazil with their new remittance service. This action expands on the two companies' current collaboration in Europe, whereby London-based Ebury uses Nium's global payments infrastructure to transfer payroll and supplier payments to locations throughout the globe.

The news comes after regulators approved Ebury's acquisition of Brazilian fintech Bexs in October 2023. Bexs Pay, which handles payments, and Bexs Banco, which handles foreign currency.

Nium's cross-border payment solution for banks and financial institutions will be integrated by Ebury into its high-volume payment flows in order to lower costs and increase speed of international business transactions.
 

Executive director of Brazil's Ebury Bank Luiz Henrique Didier Jr. said of the announcement, "Our mission is to connect Brazilian consumers to the world and the world to Brazil's consumer ecosystem." Using high-tech solutions with worldwide coverage, like those provided by Nium, which enhance transaction security and efficacy, is the ideal approach to do this. For us, this is a game-changer. Our team felt very confident after watching the product demos, and the technology integration procedure was smooth and successful, indicating a positive beginning to the collaboration.

Brazil's access to new emerging markets that would not otherwise be possible will be improved by the agreement. At present, the payment network of Nium facilitates payouts to over 190 countries in over 100 currencies, with 100 of those payouts occurring instantly.

assisting the underbanked SMEs in Brazil
Nium is concentrating on LATAM as a strategic growth region, building on its extensive coverage in APAC, the US, and EMEA, as well as its global customer base. Although it has been doing business in the area for a while, it made an official debut in August 2023 when a local office was opened in Sao Paulo. The deal that Nium has with Ebury is its first bank alliance in Brazil.

The necessity for the new solution was further elucidated by Christina Hutchinson, general manager of Nium's operations in Brazil and head of business development for LATAM: "Brazil has tremendous potential to set a global example in digital payment innovation."

However, every time they send or receive an international payment using conventional wire transfers or outdated banking systems, individuals and businesses in this country still have to deal with exorbitant hidden costs, protracted delivery times, and uncertainty. We are excited to extend our partnership with Ebury in Europe in order to provide more economical and effective means of sending and receiving money to the underbanked SME and consumer community in Brazil. This is just one more fantastic illustration of how innovative cross-border payment systems are significantly improving the lives of millions of people worldwide.

According to projections, the digital payments market in Brazil may reach a total transaction value of $170 billion by 2024. According to official statistics, Brazil currently has more than 21 million SMEs.