Thunes Expands Payment Solutions for Banks Using Swift Connectivity

What's Happening?

Thunes, a payments company, has launched a 'Pay-to-Banks' solution that enables financial institutions to connect to its network using existing Swift connectivity. This development allows the 11,000 banks on the Swift network to send cross-border payments to over four billion bank accounts in more than 130 countries without requiring additional integration. Alongside this, Thunes has expanded its 'Pay-to-Wallets' offering, facilitating global business payments to mobile wallets via Swift connectivity. The initiative aims to bridge traditional financial systems with emerging payment methods, offering faster and more secure cross-border transfers. Thunes leverages its 'SmartX Treasury System' for liquidity management and 'Fortress Compliance' platform for risk controls. Chloe Mayenobe, President and COO at Thunes, emphasized the company's role in meeting the demand for fast, cost-effective cross-border payments.

Why It's Important?

The expansion of Thunes' payment solutions is significant as it addresses the growing demand for real-time payments in the global B2B market, which reached a value of $150 trillion in 2024. By enabling banks to offer faster and secure cross-border transfers, Thunes is enhancing the efficiency of international financial transactions. This development benefits both individual consumers and businesses by simplifying the process of sending money overseas or paying international suppliers. The integration of Thunes' solutions into existing banking systems without additional requirements ensures ease of use and accessibility, potentially transforming the landscape of global payments.

What's Next?

Thunes' expansion of its payment solutions is likely to prompt further adoption by banks seeking to improve their cross-border payment capabilities. As financial institutions integrate these solutions, they may experience increased customer satisfaction due to faster transaction times and enhanced security. The move could also encourage other payment companies to develop similar solutions, fostering competition and innovation in the industry. Stakeholders such as banks, businesses, and consumers will be closely monitoring the impact of these solutions on transaction efficiency and cost-effectiveness.

Beyond the Headlines

The introduction of Thunes' solutions highlights the ongoing shift towards digital and real-time payment systems in the financial industry. This trend may lead to broader changes in how banks and financial institutions operate, potentially reducing reliance on traditional methods and increasing the adoption of digital assets and wallets. The ethical and legal implications of such a shift, including data security and privacy concerns, will need to be addressed as these technologies become more prevalent.