The collaboration with Nium will provide Accendo Banco’s customers the ability to send funds to more markets globally and in real-time
SINGAPORE, 24 November 2020 – Accendo Banco (“Accendo”), Mexico’s leading ‘digital-first’ challenger bank focused on providing innovative digital banking solutions, today announced that it has expanded its capabilities in international payments and remittances, through partnership with Global fintech infrastructure platform Nium.
The partnership further expands Accendo’s overseas money transfer capabilities, allowing its customers to send money to more markets overseas and in real-time. The move supports Nium’s continued plans to utilise fintech tools to improve business efficiency and customer experience in LatAm, and follows several partnership announcements by Nium in Brazil, Costa Rica and El Salvador.
Accendo’s customers will be able to send, through an app, funds overseas to major corridors in Europe and Asia easily, and at a lower FX rate than other banks. “International transactions services from Mexico were slow and expensive. The partnership with Nium, together with our unique digital platform, makes us the first bank in Mexico to offer this type of operations to users easily and in real time,” said Javier Reyes de la Campa, CEO and President of the Board of Accendo Banco.
“This partnership also reinforces our positioning as the leading digital-first challenger bank in Mexico, where we are the first bank to offer BaaS (Banking-as-a-service) through our cloud-based open-banking platform to allow Fintechs to offer financial services to all the population, and especially the unbanked”, Javier concluded.
“We are thrilled to be the trusted provider for international money transfer services for Accendo Banco and its customers. In today’s competitive payments environment, cutting-edge technology improves customer experience and sets providers apart,” said Rohit Bammi, Global Head of Institutional Business, Nium.
“Nium’s mission is to create a global fintech infrastructure that can enable banks, financial institutions and other fintech companies to launch and scale innovative digital financial services without the complexity, time and cost previously required to do so. This partnership with Accendo Banco is a testament to that effort,” Rohit continued.
Nium is a global financial technology platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having evolved from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for businesses. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, United Kingdom and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium’s investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
About Accendo Banco
Accendo Banco was established as a digital bank and has been recognized as the ‘Fintech Bank of Mexico’. Focused on the Banking-as-a-Service business model, it offers 24/7 digital on-demand banking services through alliances with leading Fintechs that operate in Mexico, such as Rappi, Cuenca , Billpocket, SWAP, delt.ai, Nium, among others. Accendo’s cloud-based digital services platform, which seamlessly connects with its partners via APIs, includes payments, FX, credits, investments, security, merchant payments and card issuance. It also offers a wide range of products in its Institutional Banking businesses, serving the federal, state and municipal governments with products including trusts and financial markets and risk-management solutions including foreign exchange.