Nium announced recently the launch of Global FX, a product built for FX risk mitigation and transparency in global money movement.
The Singapore-headquartered cross-border payments company said Global FX allows for guaranteed and competitive FX rates so that users can do a better job in FX risk mitigation.
One of the product's capabilities allows users to lock and hold an FX rate for up to 24 hours and settle FX conversions on a future scheduled date, which helps businesses mitigate the risk of currency fluctuations and improve cash flow, the firm added.
Global FX allows businesses to hold funds in more than 60 different currencies, allowing for instantaneous payments to employees and vendors worldwide, Nium said.
In addition, its transparent pricing structure ensures that businesses can conduct FX trades with a simple, single markup, the firm noted.
The company also introduced the FX rate comparison calculator which it said enables real-time access to the last interbank rates as well as access to historical rates.
To optimise payment routing for time, market availability, and cost efficiency with artificial intelligence and machine-learning-driven payment delivery estimation, Nium announced a suite of products and features focused on transparency, predictability, and reliability.
These include Nium Chronometer, which helps optimise payment routing for time, market availability, and cost efficiency with artificial intelligence and machine-learning-driven payment delivery estimation, the firm noted.