Western Union Partners with Thunes to Facilitate Cross Border Payments
Western Union, an American financial services and communications company founded in 1851 have partnered with Thunes, a cross-border payments network that had previously partnered with Stellar for its distributed ledger technology in facilitating digital payments between banks in different countries, according to reports on March 21.
Western Union to Use Thunes Technology for Faster and Cheaper Payments
Based on the report, Western Union and Thunes have collaborated in a bid to facilitate digital cross border payments directly into mobile wallets all over the world.
The partnership with Thunes will help Western Union expand on its account payout portfolio. Giving it's user more options for faster and safer cross-border payments.
Seamless Interconnection of Payment Providers
CEO of Thunes, Steve Vickers, also confirmed this when he said that the company's payment platform interconnects payments providers all over the globe in a way that is seamless and brings about “interoperability between diverse payment systems.”
Vickers also pointed out that the platform will, therefore, give customers of Western Union more flexibility when it comes to issuing payments across borders.
On the other hand, Sandra Yao, SVP Africa at Thunes who made comments with the media revealed that the company is excited about its most recent development by providing Western Union a value-added service.
Yao further said Western Union's innovation from a traditional cashout payment system to a digital payment wallet is a big move.
Stellar Linked Cross-Border Payments Solutions with IBM
Prior to this time, Stellar had partnered with IBM to launch a cross border payment solution known as World Wire which has been provided for 72 countries with support for 48 currencies.
World Wire also uses the Stellar blockchain, while Lumens, the company's fiat currency is used to process these payments alongside several other digital currencies.
So far, six international banks have shown an interest to use the payment network in launching stablecoins. Among these, is RCBC, a Philippines-based bank which intends to launch a stablecoin that is backed by the countries fiat, Peso.
Blockchain technology of late has gained massive adoption by financial institutions. An instance of this was reported by Bitcoin Exchange Guide on February 14 that JP Morgan, the largest U.S. bank has plans to launch its cryptocurrency in order to facilitate payments by customers.