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Nuvei Enhances Global Payment Capabilities with Stablecoin Technology

Nuvei, a leader in payment solutions, has made an important announcement regarding the expansion of its global money movement capabilities. This latest development is particularly significant for countries with emerging markets, where traditional banking systems often lag behind in efficiency.

Addressing Inefficiencies in Payment Systems

By utilizing stablecoin rails, Nuvei has unlocked a pathway for quicker, less expensive transaction methods that streamline payout processes for bank accounts across the globe. This innovative approach significantly reduces the reliance on costly intermediaries, which can delay payments, particularly in regions where financial infrastructures are underdeveloped.

Historically, the international transfer of fiat funds has been burdened by slow settlement times and high fees, especially for businesses that cater to underserved markets. With the integration of stablecoin technology, Nuvei can now enhance the speed and cost-effectiveness of these transfers, making it an attractive choice for companies involved in cross-border payments.

Transforming Payment Operations

The reliance on traditional SWIFT transfers can often lead to delays that are detrimental to business operations. However, Nuvei offers companies the ability to fund virtual bank accounts through local payment methods, allowing them to bypass these lengthy processes entirely.

Once funds are deposited, the value is transmitted using blockchain technology, ensuring transactions can be settled either on the same day or the day following the transaction. In the recipient's country, local financial institutions link to domestic payment networks, ensuring that payouts are completed directly into the recipients' fiat bank accounts. This system is advantageous in areas where conventional correspondent banking is lackluster or nonexistent.

Phil Fayer, the Chair and CEO of Nuvei, emphasized the organization's commitment to simplifying global money movement in order to empower businesses to concentrate on their growth strategies. He stated, “With this extension, we’re giving our customers the ability to move fiat account to account, across borders, faster and more cost-effectively than ever before.”

The incorporation of stablecoin technology behind the scenes presents a modern alternative to outdated settlement mechanisms. This is critical in fast-growing economies that often face challenges due to old infrastructures.

Versatility Across Use Cases

Nuvei's advanced payout capabilities accommodate a variety of scenarios, including:

• - Intra-company Transfers: Swift movement of treasury funds between international subsidiaries.
• - Third-party Payouts: Facilitating vendor payments or settling large cross-border invoices with ease.
• - Global Payroll Solutions: Essential for distributing payments to multiple parties, including employees of platforms and fintech in emerging regions.

Moreover, Nuvei's innovative approach orchestrates multiple foreign exchange providers, ensuring that businesses receive competitive currency rates. For companies navigating the often tumultuous waters of economic fluctuations in developing regions, this functionality adds a layer of transparency and cost-effectiveness.

Nuvei’s platform seamlessly integrates this new fiat payout option into its existing suite, which already spans over 200 markets and supports local settlements in 150 currencies. This encompasses a wide array of payout solutions, including direct bank transfers, real-time payment options, eWallets, and card networks—affording businesses the freedom to reach their recipients regardless of their location.

As the demand for quick, affordable, and reliable cross-border payment solutions continues to grow, Nuvei remains at the forefront of innovation. Its efforts are particularly focused on empowering businesses that aspire to thrive in the emerging markets—regions that are unarguably pivotal to the future of digital commerce.

About Nuvei

Nuvei stands out for its commitment to accelerating the business capabilities of customers worldwide. The platform’s modular, flexible, and scalable technologies allow leading companies to harness modern payment options, utilize all payout methods, and benefit from comprehensive card issuing, banking, risk management, and fraud prevention services. With operations in more than 200 markets, local acquirings in 50 regions, 150 currencies, and a staggering array of 720 alternative payment methods, Nuvei aims to connect businesses and their customers smoothly and efficiently.

For more insights and information about Nuvei’s services, visit www.nuvei.com.