Global Collections

Global Collections enable Financial Institutions to collect funds on behalf of their customers across the world.

These customers are the underlying beneficiaries of Financial Institutions who are owed funds for provided services or goods.

Global Collections is primarily for Financial Institutions and Payment Service Providers who want to collect funds for an invoice.

Financial Institutions are onboarded to Nium as an FI COBO (Collections on Behalf of) entity. These Financial Institutions are provided with a multi-currency account to collect funds on behalf of their underlying beneficiaries. Beneficiaries are in turn provided with virtual accounts.

Global Collections include:

• Multi-currency virtual accounts: Receive funds across multiple currencies and accounts (per beneficiary) 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.
• Easy customization: Brand the product as your own, maintaining full control over the customer's experience.

To use Global Collections, you'll need:

1. A valid payment license.
2. The ability to offer cross-border services.

High-level flow diagram

Set up

1. Sign up with Nium and fetch your API credentials.
2. Our compliance team processes and reviews your request. When approved, your client account is created with Nium.
   • You'll be assigned a multi-currency wallet with the capability to receive funds in currencies defined during onboarding as well as store and transfer funds in or outside your Nium wallet.
3. Provide information about your beneficiaries and you'll receive:
   • A unique customerHashId - the unique identifier for a customer of Nium.
   • A unique walletHashId - the unique identifier of the multi-currency virtual wallet created for the beneficiary.
4. 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. Information that's needed to issue a VAN includes:
   • customerHashId
   • walletHashId

For more information, see:

• Create a Nium Portal account
• Getting Started
• Wallets
• Virtual Accounts

Collections process

Intent provided

Intent not provided

1. Share the unique VAN assigned to the beneficiary with the sender.
2. The sender transfers funds to the VAN.
3. Nium sends the payment details to the client using the Incoming Funds webhook.
4. You can approve or reject the funds using the Approve or Reject Funds request.
   • Alternatively, you can provide invoice details before Nium receives the payment using the Fund Wallet v2 request for auto-crediting.
5. Nium's compliance team runs checks run on the transaction; if the team raises a Request for Information (RFIs), you can respond using the Respond to RFI request.
   • Alternatively, you can preemptively provide invoice details with the Fund Wallet v2 request before receiving funds for auto-crediting.
6. Approved funds are:
   • Credited to the beneficiary's wallet.
   • Auto-debited from your multi-currency wallet.
   • Tagged with transaction labels (e.g., Customer_Wallet_Credit_Fund_Transfer).

If rejected, funds are refunded to the source.

For more information on the requests used, see:

• Fetch Wallet
• Approve or Reject Funds
• Fund Wallet v2
• Virtual Account Details
• Fetch Transactions

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)

Available payment methods

Currency	Sender Location	Allowed Payment Methods	Transaction Limit
EUR	Europe	SEPA Instant SEPA Standard	SEPA Instant: 100,000 EUR SEPA Standard: No limit
GBP	UK	Faster BACS CHAPS	Faster: 250,000 GBP BACS: 20,000,000 GBP CHAPS: No limit
SGD	Singapore	FAST PayNow	FAST: 200,000 SGD
USD	USA	ACH	No limit

API requests

Request	Description
Add Beneficiary	Add a beneficiary (requires kycType=minimum).
Customer Details	Fetch the details of a beneficiary.
Fund Wallet v2	Provide the intent of the payment with an invoice or other documents.
Virtual Account Details	Fetch the VAN details of a beneficiary.
Fund Wallet	Fund a beneficiary's wallet.
Approve or Reject Funds	Accept or reject received funds.
Respond to RFI	Submit additional information about the transaction.
Transactions	Fetch the transactions for a beneficiary.

Webhooks

Webhook	Description
Incoming Funds	Funds are received but not matched with a Fund Wallet request.
Wallet Funded	Funds are credited to a beneficiary’s wallet.
Fund Transfer Between Wallets	Funds are auto-debited.
Fund Received from Wallet	Transfer is received from a 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 Support).
missing_required_fields	Required fields are missing.
duplicate_externalId	externalId must be unique.
incomplete_client_setup	The client is not properly set up or KYC is incomplete.
invalid_input	Invalid field values.
customer_exists	Customer already exists

For more information, see:

• Wallet Funded
• Fund Transfer Between Wallets
• Fund Received from Wallet