Money movement platform Thunes has announced an expansion to its partnership with digital asset infrastructure company Ripple, aiming to enhance global payment capabilities for Ripple’s enterprise customers. This collaboration, revealed on Tuesday, leverages Thunes’ extensive network alongside Ripple’s blockchain-driven payment solutions, facilitating easier fund withdrawals in various currencies and regions.
Chloe Mayenobe, president and chief operating officer of Thunes, emphasized the significance of this partnership. She stated that the alliance enables connections between traditional finance and the digital asset ecosystem, positioning Thunes as a pivotal bridge for both sectors. The integration supports real-time settlements and local adaptations, allowing digital asset firms to provide smooth, compliant cross-border payment solutions on a larger scale.
Thunes has proposed that through its Direct Global Network, it ensures real-time payouts in local currencies, addressing the challenge of “last-mile” delivery in areas with limited banking infrastructures. This new collaboration is set to enhance both the efficiency and scope of this network, alongside improvements to Ripple’s SmartX Treasury System.
Ripple’s payment solutions extend to over 90 markets worldwide, covering over 90% of daily foreign exchange markets and processing more than $70 billion in transaction volume. According to Fiona Murray, Ripple’s managing director for the Asia-Pacific region, combining Thunes’ trusted network with Ripple’s digital asset infrastructure will improve payment speed, accessibility, and compliance across diverse regions. She underscored that this partnership aims not only to streamline transactions but also to meet the rising demand for innovative, blockchain-based financial solutions.
Research from PYMNTS Intelligence highlighted the complexities of cross-border payments, indicating that such transactions can be more challenging for retailers compared to domestic ones. In collaboration with Worldpay, the report titled “Payments Optimization: Powering Global eCommerce Growth” identified common hurdles, including prolonged delivery times, concerns over security, issues with returns, and unexpectedly high transaction fees. These factors can adversely affect conversion rates; for instance, 72% of merchants reported facing higher rates of failed payments for cross-border transactions. Further, 55% of customers indicated they would abandon a purchase if multiple attempts were required.
The research underscores the importance of local payment methods, noting that nearly all cross-border shoppers expect to use their preferred payment options, with 99% wanting to pay in local currencies. This highlights the ongoing need for financial solutions that cater to local preferences while facilitating smooth international transactions.
