Throughout the start of November, Thunes, a Singapore-based Fintech company working to enable cross-border payments, has made various announcements to further the company’s reach to new customers. Firstly, Thunes secured a payment institution licence in France to carry out merchant acquisition services. This was followed by a partnership announcement with Finastra, the largest pure-play software vendor that serves the entire financial services industry, to integrate into Finastra’s SaaS payments connectivity platform – Fusion Total Messaging.
The partnership will allow Finastra’s existing ~8,600 customers to access new payment rails across 115+ markets, helping them to instantly send money to countries or use payment methods which they were not able to access before.
This is another great example of how fintech, pureplay tech, and traditional banks can work together to deliver a strong and unique value proposition to customers.
“The pace at which the cross-border payment industry is transforming and the rate at which customers’ demands are changing, coupled with the ever-increasing regulatory scrutiny, are driving us to constantly challenge ourselves, look beyond the horizon, and seek synergies with dynamic, innovative and engaging partners. In a bid to deliver a better global payments experience for everyone, we are delighted to partner with Finastra to deepen connectivity to existing and new financial institutions on the Finastra platform,” said Dawei Wang, Head of Strategic Partnerships, Thunes.
As a global leader in the fintech space, Finastra provides the broadest, deepest software applications and connectivity to marketplaces, partners and fintechs through its open platform, FusionFabric.cloud, orchestrating the future of financial services.
The French licence was issued by Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French central bank’s regulatory unit.
This development follows Thunes’ purchase of French payment methods platform Limonetik and its $60million Series B growth round earlier this year.
The licence includes multiple commercial payment transaction types. These cover accepting, processing, and settlement of payments for Thunes’ clients.
Additionally, Thunes can now offer a range of payment services, including global payment collection from alternative payment methods including wallets and instalments.
Thunes Collections CEO Christophe Bourbier said, “Thunes Collections business was born out of Europe, so it is especially exciting for us to be able to offer a full suite of payment services in this region.
“And as we expand our payment services globally, we will keep enhancing our licence portfolio to more locations, offering more and more merchants, marketplaces and payment service providers the ability to integrate an end-to-end payment platform, and giving them the flexibility of accepting any of the 285 local and alternative payment methods that we currently provide.”