San Francisco and Singapore witnessed an exciting development in the financial technology sector as Thunes and Ripple unveiled an expanded partnership aimed at transforming cross-border payments on a global scale. This collaboration builds upon their successful alliance initiated in 2020, focusing on enhancing the customer payout experience and streamlining global money movement.
With an increasing demand for digital financial services, Thunes has adopted blockchain and digital asset technologies to enhance its Direct Global Network. This integration of Thunes’s proprietary network with Ripple’s blockchain-powered payment solutions is expected to facilitate more efficient and accessible cross-border payment processes for financial institutions and businesses worldwide. Ripple’s enterprise customers will benefit from easier fund withdrawals in various currencies and countries, thereby broadening their global payment capabilities.
Thunes plays a crucial role in ensuring dependable real-time payouts in local currencies through its Direct Global Network. This initiative is particularly significant in regions where banking infrastructure is limited, addressing the ‘last-mile’ delivery challenge. The expanded partnership aims to improve the efficiency and reach of this network, offering businesses and end users fast, secure, and accessible financial services. Additionally, Thunes is leveraging Ripple Payments to enhance its SmartX Treasury System.
Ripple Payments is designed to enable rapid, transparent, and reliable cross-border payments and on/off ramps for banks, crypto companies, and fintechs. The service boasts near-global coverage, with over 90 payout markets, representing more than 90% coverage of daily foreign exchange markets and processing volumes exceeding $70 billion.
Chloe Mayenobe, President and COO at Thunes, emphasized the partnership’s unique position to connect traditional finance with the digital assets ecosystem. She noted that the collaboration underscores their commitment to facilitating real-time settlement and deep local integrations, thereby enabling digital asset companies to deliver seamless, compliant, and accessible cross-border payments.
Fiona Murray, Managing Director, Asia Pacific at Ripple, highlighted the shared mission of reshaping global payments through blockchain technology. She reiterated that combining Thunes’ extensive network with Ripple’s digital asset infrastructure enhances payment efficiency, speed, accessibility, and compliance across different regions. This partnership, she asserted, not only supports low-cost transactions but also addresses the growing demand for innovative, blockchain-powered financial solutions on a global scale.
Thunes, headquartered in Singapore, operates a proprietary Direct Global Network that allows instant payments across over 130 countries and 80 currencies. The network connects directly to more than 7 billion mobile wallets and bank accounts, offering a broad spectrum of payment methods. Thunes has established partnerships with various members of the gig economy, super-apps, and financial institutions.
Ripple, known for its focus on digital asset infrastructure for financial institutions, offers solutions that leverage the XRP Ledger for efficient, low-cost transactions. With a commitment to building trust and credibility in enterprise blockchain, Ripple aims to transform the way value is tokenized, stored, exchanged, and moved across the world.
This collaboration is poised to significantly impact the landscape of cross-border payments, providing a stronger, more innovative framework for global financial transactions.
