Overview

Ixaris is becoming Nium

Following the announcement on 1st September 2021, Ixaris was successfully acquired by Nium, the leading platform for global money movement. Nium allows customers to Payout, Pay In, and Issue Cards in 190+ markets.

Ixaris has thus become a Nium business unit and is now in the transitioning phase of the merger. To date:

• The Ixaris Payments product name and its associated branding will no longer be used or referred to. Instead, we will be known as Nium, and use their look and feel.

• Until further notice, your contract will still refer to Ixaris as the legal entity, and the terms will not change.

More changes will happen in the coming months, including transitioning our links and email domain from Ixaris to Nium. We will keep you informed on what to expect in the coming months.

What’s new in this version?

Introduction to funding

Nium works on a prepaid model. This means before you can start creating virtual cards and making payments with Nium, you need to add money to your Nium account. The process of adding money to your account is also called funding your account.

You can fund your account by sending a bank transfer to one of our banking providers' bank accounts. These are safeguarded accounts where we securely hold our clients' funds.

Once our banking providers receive your money, it is automatically routed to one of your Nium funding accounts.

What are funding accounts?

After you send a bank transfer to fund your account, that money is added to a funding account in Nium. You can then use this money to top-up your virtual cards.

We will set up funding accounts for you when we onboard you to Nium. You will have a funding account for every available currency that you plan to make card purchases with. (By default, you will get one funding account per currency. However, you can also request secondary funding accounts if necessary.)

You can create and top-up virtual cards if you have a funding account in a particular currency. For example, if you have a GBP funding account, you will use the money in this account to top up all the GBP virtual cards you create.

How do virtual cards work?

Once the money is available in your funding accounts, you can create and use virtual cards. Nium supports two types of virtual cards:

1. Single-use cards can be used for purchases one time only. This type of card is automatically deleted on settlement. If you don't spend the entire balance of a single-use card, any money remaining on the card after its one-time use is transferred back to the card's corresponding funding account.

2. Multi-use cards can be used for as many purchases as you wish. This card type needs to be manually deleted when no longer in use.

Is my money safe with Ixaris?

We hold clients' money in safeguarded bank accounts. Additionally, Ixaris is authorized by the Financial Conduct Authority (FCA) under the 2017 Payment Service Regulations to provide payment services (Registration number 721549). Any money you add to Ixaris is set aside and safely stored.

Bank account approval

To recap, you will add money to your Nium account by sending a bank transfer from your bank account (also called a funding source) to one of our banking providers' bank accounts. Your money will be transferred from our banking providers' bank account to one of your funding accounts in Nium.

As part of our regulatory requirements, we need to verify all the bank accounts (funding sources) you use to transfer money to our platform before we can accept them as approved funding sources. To do this, during your onboarding process, we will ask you to provide some information related to your bank accounts in a KYB questionnaire.

If you change banks or need to add an alternative bank account, you must request us to approve this new funding source.

To have your bank account approved as a funding source, follow these steps:

1. Obtain a bank statement from your bank
   1. The statement must meet the following criteria:
   • It must be recent (up to 3 months old)
   • It must have your account holder's name
   • It must have your IBAN/Account number
   • It must have the bank logo
2. Send the bank statement to [email protected]

What banking providers do we use?

We use three banking providers to facilitate transfers from your bank account to a specific funding account: Banking Circle, Barclays, and Inpay.

How you route your transfers to your Nium funding account will determine which banking provider will process the transfer and how long that transfer will take.

There are different cost and time considerations for each of our banking providers. We outline these in the following pages.

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IMPORTANT:

During onboarding, you will need to provide us with:
• your business registration country
• the countries from where your business is currently operating from and
• the country where your corporate bank account is located and from where funds will be transferred to your Nium account.
Our teams will use this information to guide you on which banking partner to use for an optimal funding experience.

Transfer costs and times - Banking Circle

Virtual IBANs with T-to-T+2 settlement for:

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NOTE:

Local DKK transfers are not supported by Banking Circle. Please refer to the Barclays section of this document.

Transfer costs and times - Barclays

Indicative 3 to 5 -day settlement for DKK & THB.

Transfer costs and times -Inpay

24-hour settlement for:

• Local payments from any SEPA country in EUR

• Local payments from the Czech Republic in CZK

• Local payments from Poland in PLN