Thunes and Ripple Team to Bolster Cross-Border Payments
Money movement platform Thunes has expanded its partnership with digital asset infrastructure company Ripple.
This latest collaboration, announced Tuesday (Sept. 2) combines Thunes’ network with Ripple’s blockchain-powered payments solutions to allow Ripple’s enterprise customers to more easily withdraw funds in new currencies and countries to enhance their global payment capabilities.
“Members across both the traditional finance space and the digital assets ecosystem connect with Thunes. We are in a prime position to bridge these two worlds and drive the future of digital assets, and our alliance with Ripple underscores this,” Chloe Mayenobe, Thunes president and chief operating officer, said in a news release.
“By supporting real-time settlement, and deep local integrations, we are enabling digital asset companies to deliver seamless, compliant, and accessible cross-border payments at scale.”
According to the release, Thunes ensures real-time payouts in local currencies via its Direct Global Network, helping facilitate “last-mile” delivery in places with limited banking infrastructure. With this partnership, the company is bolstering the efficiency and reach of this network, while also using Ripple Payments to enhance its SmartX Treasury System.
Ripple Payments, the release added, has “near-global coverage” with more than 90 payout markets representing more than 90% coverage of the daily foreign exchange markets, processing upwards of $70 billion in volume.
“By combining Thunes’ extensive and trusted Direct Global Network with Ripple’s digital asset infrastructure, we are enhancing payment speed, accessibility, and compliance across regions,” said Fiona Murray, managing director for Ripple in the Asia-Pacific region.
“This partnership not only facilitates seamless, low-cost transactions but also supports the growing demand for innovative, blockchain-powered financial solutions globally.”
Recent research by PYMNTS Intelligence examines some of the challenges surrounding cross-border payments.
The report “Payments Optimization: Powering Global eCommerce Growth,” done in collaboration with Worldpay, finds a landscape where cross-border transactions often prove more difficult for retailers than domestic ones.
“Key obstacles include consumer concerns over long delivery times, fear of fraud, difficulties with returns, and unexpected high transaction fees, all of which negatively impact conversion rates,” PYMNTS wrote.
“The research reveals that 72% of merchants experience higher rates of failed payments in cross-border transactions, leading to customer frustration and abandonment, with 55% of customers giving up if multiple attempts are needed.”
The report underlines the “all payment is local” imperative, pointing out that nearly all cross-border shoppers — 99% — expect to pay using their preferred, customary methods, while 94% expect to pay in local currencies.
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