US blockchain company Ripple has announced the expansion of its partnership with Singapore-based payments firm Thunes, building on their collaboration initiated in 2020. This strategic move aims to enhance international money transfers by integrating Ripple’s blockchain infrastructure with Thunes’ extensive payout networks.
The initiative is designed to address the increasing demand for expedited and cost-effective cross-border transactions across more than 90 global markets, including both developed and emerging economies. As businesses and individuals seek faster financial solutions, the partnership aims to streamline the often fragmented and expensive process of international transfers, particularly in areas with limited banking facilities.
Thunes operates a comprehensive “Smart Superhighway” that effectively connects various financial entities including banks, digital wallets, and card providers. By extending its collaboration with Ripple, Thunes intends to bolster its liquidity management and improve settlement efficiency, crucial elements in achieving smooth cross-border transactions.
Ripple’s payment platform has already processed over $70 billion in transaction volume, emphasizing its commitment to utilizing blockchain technology for increased transparency, rapid processing, and robust regulatory compliance. The integration of Ripple with Thunes’ SmartX Treasury System, a platform designed to manage liquidity flows, is a cornerstone of this enhanced partnership. This integration facilitates payouts in local currencies, a vital feature especially for markets where mobile wallets are the predominant means of accessing financial services.
In particular, support for platforms like M-Pesa, GCash, and WeChat Pay underscores the partnership’s focus on regions with limited bank coverage, where such digital wallets are crucial for financial inclusion.
Moreover, Ripple has made compliance a key component of its business strategy to set itself apart from other players in the blockchain space. The company actively publishes proof-of-reserves reports and engages in independent audits, responding to existing concerns about inflated transaction volumes in the digital asset industry.
Thunes has established itself as a significant player in the global payments landscape, boasting a proprietary network that connects over 130 countries, facilitates payments in more than 80 currencies, and reaches approximately 3 billion mobile wallets and 4 billion bank accounts. The firm’s platform allows both businesses and consumers to send and receive cross-border payments instantly through various payment methods.
The expanded partnership between Ripple and Thunes not only highlights a growing trend in the financial sector of merging blockchain innovation with traditional finance’s regulatory frameworks but also suggests potential benefits for both businesses and consumers. By reducing transaction costs and improving transaction speeds, the collaboration aims to enhance financial accessibility across borders, particularly in areas where conventional banking remains limited.
