Nium, a global fintech infrastructure platform, and Banco Hipotecario, state bank in El Salvador, today announced a strategic collaboration to enhance the international transfer offerings for consumers and businesses across the country.
The partnership will open the door for new international payments corridors beyond Latin America, and introduce convenient, secure, and real-time global payment capabilities to corporate and individual customers of Banco Hipotecario.
In recent years, digital banking services have consistently gained market share and popularity in El Salvador. COVID-19 has also greatly accelerated Salvadorans’ adoption of digital payment for personal and commercial uses. In a country where most people prefer to pay in cash for everyday products and services (only 30.4% of Salvadoran adults have a formal banking service), the strict restriction on movements has forced many to turn to digital payment methods overnight, and demand for bank accounts and digital wallet apps have since increased over the past few months, such as the “Banca Móvil BH”.
To provide for the spike in demand for digital payments, Banco Hipotecario has selected Nium as their payments partner to enhance the cross-border payments experience for both corporate and individual customers of the bank. The integration of Nium’s network powered by an extensive portfolio of global licences and tech assets, and Banco Hipotecario’s full-suite of banking services, will allow customers throughout El Salvador to transfer money in real-time to an expanded list of markets including Europe, U.K and the U.S. .
“We are at a point where banking as we know it is undergoing a fundamental transformation. Today we envisage a future where Fintech can be used to promote greater financial inclusion while also lowering the entry barriers for businesses of all sizes to participate in the global digital economy. Through our partnership with Banco Hipotecario, Nium is expanding our presence in Latin America. We’re very excited to be able to introduce a more holistic financial service offering in El Salvador and simplify the cross-border payment experience for consumers and businesses alike.” says Rohit Bammi, Global Head of Institutional Sales at Nium.
“We are very excited to work along with Nium’s real-time fund transfer technology and their extensive portfolio of regulatory licenses to push payments across borders. We hope to provide a better customer experience and improve our portfolio of products that will meet the needs of our customers through our constant focus on innovation and improvement,”said José Raúl Cienfuegos, Operations and Finances Director at Banco Hipotecario.