Banking software company CR2, has partnered with Thunes, a global B2B payments company, to expand global international payment capabilities.
According to the companies, the partnership enables CR2 customers to make seamless payments to more than 130 countries, including SA.
Historically, cross-border payments relied on correspondent banking networks and were typically costly for both the sender and receiver. However, the partnership enables consumers to send and receive money in a more convenient, affordable, and near real-time manner, directly to their account.
In addition, they say it provides an opportunity for banks to offer a new and user-friendly payment service, which could generate additional revenue streams, increase customer engagement, and bring banks closer to the lucrative remittance market.
Bank customers will be able to send and receive money instantly to bank accounts, mobile wallets, and cash pick-up locations, allowing the recipient to get payments in their own currency, and will now have access to a global payment network with more than 130 countries, 79 local currencies, and multiple payment methods.
Connecting with Thunes is a simple deployment via existing integration with CR2’s digital banking and payment platform, enabling banks to connect easily with minimal time, effort, and resources, the companies add.
Cross-border payments represent a tremendous opportunity for revenue growth for banks, says Fintan Byrne, CEO of CR2. “The use of technology and shifting customer needs have created a new demand for a better customer experience. Banks are expected to deliver payment solutions that are simple and low-cost.”
Peter De Caluwe, CEO of Thunes, adds that the partnership aims to bring frictionless and cheaper cross-border payments to banks’ customers globally.
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