Singaporean Fintech Thunes, a provider of global cross-border payments, this week announced instant cross-border bank payments to Russia. The partnership will allow Thunes’ customers to make payments to any of Russia’s business and consumer bank accounts in near-real-time, the company said.
In 2019, the combined value of remittance flows in and out of Russia was $28.8 billion. Thunes said these international payments are predominantly driven by a mixture of peer-to-peer transactions, freelancers, consultants, and other Russian technology and creative talents working abroad. While the shift to digital has accelerated during the COVID-19 pandemic, receiving payments internationally remains a challenge to Russian remote workers, entrepreneurs, e-commerce companies, and other businesses. Historically, cross-border payments to Russia have been complicated by the lack of transparency, long waiting times, and burdened with hidden fees.
“Russia has always been a very interesting market in terms of cross-border payments,” Thunes’ global head of Networks Andrew Stewart said. “The country has a robust payments landscape, and there is a strong demand for both inwards and outwards payments, but the underlying digital infrastructure for international payments wasn’t really built.“
“Through our partnership with Bank 131 and thanks to Thunes’ digital treasury system, we are able to enable instant bank payouts to Russia from virtually any country in the world. We are glad to strengthen the financial and economic ties between Russia and the rest of the world, and stay true to our vision: providing accessible, transparent and affordable payments to and from every country globally.”
“Bank 131 is excited to partner with Thunes to amplify our mission to facilitate overseas payments for our clients,” added Alexander Magomedov, chairman of the Management Board for Bank 131.
Thunes’ global network will now grow to 115 countries where it can facilitate inbound consumer or business payments.