Payins User Guide
For seamless customer experience and a better understanding of the terms used in the playbook
Decision Tree
Client type
Financial Institutions are the entities that have licences issued by government regulators to provide financial services to their customers.
Non-Financial Institutions are the customers that generally do not have these licences.
Use Case
It depends on the specific task that you would want to accomplish.
If you would like to fund your account for doing payouts then choose "fund your own account".
If you would like to accept payments from someone else (your customers, suppliers, friends etc.) then choose "accept funds from third parties."
Currency
The currency you choose to fund your account or the currency you want to accept from your sender (customers, friends, family or sometimes known as third parties).
Your location
The country where you (the beneficiary) are located.
Sender location
The country where your sender's account is based.
Rails used
Whether you would like to send your payment via local clearing systems such as ACH, Fedwire, CHATS or you would like to route your payments using the Swift network.
Platform
The Nium platform that you are using for your payments or the platform recommended by the Nium representative. Possible values: Masspay & Nium One.
Journey:
Step 1:
As you select any currency, you will see the payin method cards (Fedwire, ACH, Swift etc.) available for that specific currency.
Step 2:
On this page, you can also filter by your location, sender location, and the rails used.
*Please note: The available payin methods will also depend on your business model (use case), your contract with Nium, and the region where your business is incorporated. Contact your Nium representative to get more details on how to avail any particular payin method.
Understanding the information present in the Payin method card:
T0
Expected time frame within which you are expected to receive the funds.
Your location
The country where you (the beneficiary) are located.
Sender location
The country where your sender's account is based.
Cutoff and delivery notes
This indicates when you are expected to get the credit provided the funds are recieved before the mentioned time (cutoff time).
Transaction types
It suggests the supported transaction types with respect to the sender and the beneficiary. For example: B2P suggests that the sender is a business entity and the beneficiary is a person (individual). Similarly, P2B suggests that sender is a person (individual) and the beneficiary is a business entity
Transaction limit
Maximum amount limit per transaction for the respective transaction type.
Unique Virtual Account availability:
This suggests whether a unique account number provided which is linked to your account or wallet.
Multiple Virtual Accounts per customer:
This suggests whether a single customer could be assigned multiple virtual accounts for the respective payin method/ capability.
Virtual Account allocation method:
Synchoronous: When the Virtual Accounts are assigned to the customer in the Realtime.
Asynchoronous: When the Virtual Accounts are not assigned to the clients immediately. The virtual account assignment could take upto 48 hours (unless otherwise noted).
Virtual Account in the name of:
This field suggests whose name would appear on these virtual acounts. The value "customer" suggests that for this payin method Nium enbales customers to name virtual accounts in the account holder's preferred name. Some other value such as "NIUM PTE. LTD. CMA" indicates the name in the that will appear in the virtual accounts.
Notes:
Any additional information that might be useful for the customers using the respective payin method.
Collections:
It refers to the capability offered to the customer to accept funds from the payers (friends, customers, family - often called third party).
Funding:
It suggests the capability offered to the customer to fund its Nium account from its own bank account.
Swift Fee Types:
OUR: TThe sender pays all the fees, including the sender's bank, the beneficiary's bank and any intermediary banks. The beneficiary receives the full amount.
SHA: The sender and beneficiary share the fees. The sender pays sender bank's fees, but any fees charged by intermediary banks are deducted from the transfer amount. The beneficiary receives the amount after the deduction of charges.
BEN: The beneficiary pays all fees. The beneficiary receives the transfer amount minus all fees.