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?
|4th July 2019||3.56||Creation|
|16th July 2019||3.57||Terminology revision|
|5th August 2019||3.57||Addition of summary diagram|
|10th December 2019||3.62||-Amended Inpay cost|
-Addition of Barclays section
- Addition of 2020 currency holidays
|23rd January 2020||3.62.1||-2020 currency holidays amended|
-Worldpay PLN currency removed
|10th November 2020||3.71.1||RON currency|
|13th November 2020||3.71.2||DKK and SEK were removed from Inpay|
|15th February 2021||3.71.3||Revision, copy edits, and formatting; Decommissioned Worldpay|
|10th March 2021||3.71.5||Updated currency holidays for 2021|
|1st March 2022||3.84||Removed details for RUB transfers|
|12th April 2022||3.84||Product and documentation rebranding|
|13th May 2022||3.86||Added HRK currency through BC|
Updated currency holidays for 2022
|27th July 2022||3.89||Introduced capability to fund via Instant SEPA|
Decommissioned NOK from Inpay
|19th August 2022||3.90||Introduced capability to fund via Instant SEPA|
Decommissioned NOK from Inpay
|1st December 2022||3.91||Product documentation transition to web view|
|10th January 2023||3.92||Decommissioned HRK|
Updated Currency Holidays for 2023
|10th February 2023||3.96||Introduced AED|
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:
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.
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:
- Obtain a bank statement from your bank
- 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
- 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.
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:
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
Updated 3 months ago