Global Collections
Global Collections is available to help Financial Institutions collect the funds on behalf of their customers across the world.
These customers are the underlying beneficiaries of Financial Institutions who are owed funds for the provided services or goods. Global Collections aims to seamlessly and efficiently collect the funds and transfer them to your account on behalf of of the ultimate beneficiary.
Global Collections is primarily for Financial Institutions and Payment Service Providers, who wants to collect funds for an invoice.
Financial Institutions are onboarded to Nium as an FI COBO (Collections on Behalf of) entity and are provided with a multi-currency Account to collect the funds on behalf of their underlying beneficiaries. The Beneficiaries are provided with Virtual Accounts tied to their name.
Key Benefits
- Multi-currency virtual accounts: Receive funds across multiple currencies and accounts per for easier reconciliation.
- Integrated payout and foreign exchange (FX) margins: Settle funds in any currency while boosting FX earnings.
- API-first design: Issue accounts, reconcile payments, and move funds instantly.
- White-Label Ready: Brand the product as your own, maintaining full control over the customer's experience.
Pre-requisites
- Valid payment license.
- Ability to offer cross-border services.
High-level flow diagram
Process
Client & Beneficiaries Setup
- Sign up with Nium and fetch your API credentials.
- Compliance processes your request. On approval, your client account is created with Nium. You'll be assigned a multi-currency wallet with the capability to receive funds in pre-configured currencies as well as store funds and transfer funds in or outside the Nium ecosystem..
- You provide minimal information about your beneficiaries and receive a unique
customerHashId(The identifier for a customer of Nium) and a multi-currency virtual wallet (a uniquewalletHashId- the identifier of the wallet) for the beneficiary - You can request a unique virtual account number (VAN) per currency per beneficiary. You can also request multiple VANs per currency for a Beneficiary for easier reconciliation. Nium provides the unique VAN as needed. Information thats needed includes:
customerHashId(customer identifier)walletHashId(multi-currency wallet identifier)
For more information, see:
Collections Process
Intent provided
Intent not provided
- Share VAN details with the sender.
- Share the unique VAN assigned to the beneficiary with the sender.
- Sender transfers funds to the VAN.
- Compliance checks are run on the transaction.
- Nium sends the payment details to the client using the Incoming Funds webhook.
- You can approve/reject funds using the Approve or Reject Funds.
- Optionally, provide invoice details using the Assign Payment ID request for auto-crediting.
- Compliance may request RFIs. You can respond via Respond to RFI API.
- Alternativly, provide invoice details with the Assign Payment ID request before receiving funds for auto-crediting.
- Approved funds are:
- Credited to Beneficiary wallet.
- Auto-debited to your multi-currency wallet.
- Tagged with transaction labels (e.g.,
Customer_Wallet_Credit_Fund_Transfer).
If rejected, funds are refunded to the source.
Key requests:
Settlement process
Funds in your multi-currency wallet can be settled to your local NOSTRO account in:
- SGD (Singapore)
- USD (United States)
- GBP (United Kingdom)
- EUR (European Union)
Allowed Payment Methods
| Currency | Sender Location | Allowed Payment Methods |
|---|---|---|
| EUR | Europe | SEPA Instant, SEPA Standard |
| GBP | UK | Faster, BACS, CHAPS |
| SGD | Singapore | Fast, PayNow |
| USD | USA | ACH |
API Requests
| API Name | Action |
|---|---|
| Create Customer V5 | Add Beneficiary (requires kycType=minimum) |
| Get Customer Details | Fetch Beneficiary details |
| Assign Payment ID | Provide invoice/payment intent |
| Get Virtual Account Details | Fetch Beneficiary VAN |
| Fund Wallet V2 | Credit Beneficiary wallet |
| Approve/Reject Funds | Accept/reject funds received |
| Respond to RFI | Submit additional transaction info |
| Transactions API | Fetch transactions |
Webhooks
| Webhook | Description |
|---|---|
| Incoming Funds | Triggered when funds are received but not matched with a Fund Wallet request |
| Wallet Funded | Triggered when funds are credited to a Beneficiary’s wallet |
| Funds Debited from Wallet | Triggered when funds are auto-debited |
| Funds Received from Wallet | Triggered when a transfer is received from Beneficiary’s wallet |
Common Error Scenarios
| Error Response | Description |
|---|---|
customerHashId is not valid | Incorrect Beneficiary ID |
walletHashId is not valid | Incorrect wallet ID |
customer_not_enabled | Customer not enabled (contact Nium) |
missing_required_fields | Required fields missing |
duplicate_externalId | externalId must be unique |
incomplete_client_setup | Client not properly set up or KYC incomplete |
invalid_input | Invalid field value |
customer_exists | Customer already exists |