After Ripple, Western Union has partnered with Thunes, a cross-border payment network, to improve its network, and provide more value in emerging markets.
Thunes, previously known as TransferTo, partnered with Stellar.org to further enhance the way in which money is transferred across borders. The partnership between Thunes and Stellar will leverage Stellar’s distributed ledger to obtain instant clearing, settling, and execution, enabling value to move across borders and directly between banks and payment gateways.
Speaking to Fintech Magazine, the CEO of Thunes, Steve Vickers, said,
“Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems, and by utilizing our vast network Western Union Customers will now have more flexibility when sending money across borders.”
This partnership follows Stellar and IBM’s launch of World Wire, a cross-border payment solution, in 72 countries around the globe. World Wire will operate on the Stellar blockchain and its native asset Lumens XLM, but since it is currency agnostic, a wide range of currencies can be used, including fiat currencies.
The partnership between Stellar and Thunes was struck in July 2018 to further improve Thunes’ reach into emerging markets. However, the reach of both Thunes and Stellar has grown since then.
Sandra Yao, SVP Africa at Thunes,told Fintech Magazine,
“We are very excited with this partnership. Obviously, digitization is a very big thing and it’s a very big move for Western Union to move from traditional cash payout now to the digital wallet payment. We’re happy to bring on board value-added service for them.”
Additionally, Yao stated,
“We improve efficiency and remove the difficulty of getting cash… we save a lot of time and add a lot of convenience.”
@GoodTexture, an XLM enthusiast and Twitter user, commented,
“Western Union gave #Ripple the cold-shoulder repeatedly because of secret developments on #Stellar in the background. Unbelievable $XLM”
@samconnerone, another Twitter user and XLM enthusiast, tweeted,
“Damn it’s a wrap….Western Union partners with Thunes….Thunes is the rebranded arm of TransferTo…TransferTo uses @StellarOrg. Any questions?? #XLM #Stellar”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.