Western Union has established a partnership with Thunes, a cross-border payments network formerly known as TransferTo, to provide the possibility for its clients to transfer funds directly into mobile wallets globally.
After its recent collaboration with Ripple, Western Union is now looking towards a partnership with Thunes, a cross-border payment network, to improve its network, and provide more value in emerging markets.
Thunes, has been a partner of Stellar.org since July 2018, and will give Western Union the possibility to utilize Stellar’s distributed ledger to obtain instant clearing, settling, and execution, enabling value to move across borders and directly between banks and payment gateways.
Speaking to FinExtra, the Global Head of Account Payout Network for Western Union, Sobia Rahman, said that the company is continuously expanding and enhancing their account payout portfolio, and providing their customers with multiple payout options including bank accounts, cards or mobile wallets.
‘Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.’
According to Western Union’s press release, the collaboration between Western Union and Thunes will ‘enable greater financial access for consumers, especially those who lack access to traditional financial services, by connecting them to alternative payment solutions, such as mobile wallets, that ultimately help drive better financial inclusion on a global scale.’
‘We are delighted to be working with Western Union to provide global reach for their customers’, said Steve Vickers, CEO at Thunes.
‘Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems, and by utilizing our vast networks, Western Union customers will now have more flexibility when sending money across borders.’
— PYMNTS (@pymnts) March 21, 2019
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