Browse topics and regions
Browse topics and regions
Commercial payments saw a lot of collaboration between fintechs this year due to the huge trend towards payment digitisation of businesses. This not only saves funds on expanding infrastructure but also helps companies to expand their geographical footprints.
This week, Singapore-based cross-border payments network Thunes partnered with UK based payments processing company, Paydek. Under this collaboration, the two companies aim to expand their base with ‘broader international reach’ especially in the emerging nation and provide customers with better payment options.
Similar fintech partnerships include Nium’s with E9pay and Banco Hipotecario, aiming to expand its footprint, and Currencycloud’s with Wallex, Sokin and TranSwap.
The press release noted that Paydek has a large global base of corporate and individual customers in over 160 countries. It also noted that using the new services, these can pay their creditors at an ‘economical cost’.
The partnership will allow these companies to provide their customers with the ability to manage their cross-border payments with multi-currency IBAN accounts, which ultimately allows them to maintain funds in 39 currencies and also allows them the option of withdrawing funds to their bank or prepaid cards in their local currency.
“The ability to provide fast payment delivery and a broad array of payment options are vital to their financial stability,” said Terry Hopkinson, Managing Director Paydek. Adding further, he said, “With the addition of Thunes backing Paydek’s local bank transfers into emerging markets, we are better positioned to offer an enhanced service to our clientele”.
It also noted that through Thunes’ global partner network and technological capabilities, the collaboration will enable local currency payments and expand Paydek services and it has anticipated that ‘more than 80 additional countries are expected to join Paydek’s payment network following this partnership with Thunes’.
Thunes recently raised $60 million in a Series B round from Helios Investment Partners, Checkout.com, GGV capital and Future Shape and acquired a payment license from the Monetary Authority of Singapore (MAS).