Global payments leader enables inbound transfers of up to 50 million JPY, offering a faster, cheaper, transparent alternative
SINGAPORE, Feb. 28, 2024 /PRNewswire/ — Nium, the leader in real-time cross-border payments, announced today that it is the first non-Japanese company to have secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). The Type 1 license authorizes Nium to provide a wide range of financial services, including transferring up to 50 million JPY per transaction via Zengin-Net, Japan’s local payment clearing rail, to a Japanese beneficiary account.
In 2021, an amendment to Japan’s Payment Services Act lifted cross-border transfer caps for Type 1 license holders, to lower the cost of money transfers in and out of the country. However, since this amendment passed, few companies …