After Western Union’s partnership with Ripple, comes another exciting news about its recent collaboration with Thunes, a cross-border payments network formerly known as TransferTo. Through this collaboration, Western Union is also joining hands with Stellar, which has been Thune’s partner since July 2018.
This new partnership will offer the possibility for Western Union’s clients to transfer funds directly into mobile wallets globally, across borders. This is expected to provide greater value to the emerging markets while also improving their current network.
Due to the partnership between Thunes and Stellar.org since July 2018, Western Union will have a chance to utilize Stellar’s distributed ledger to perform multiple tasks. It would help obtain instant clearing, settling, and execution, while additionally enabling value to move across borders and directly between financial institutions and payment gateways.
Sobia Rahman, the Global Head of Account Payout Network for Western Union, said in a recent interview;
‘Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.’
She has stated that the company is expanding and enhancing its account payout portfolio in a consistent manner. They have also been providing their customers with multiple payout options including bank accounts, cards or mobile wallets.
For those who lack access to traditional financial institutions and also those who feel like they want an alternative, this collaboration promises to offer an opportunity for greater financial access for consumers. This collaboration will offer up alternative payment solutions, like mobile wallets.
Steve Vickers, CEO at Thunes said:
‘We are delighted to be working with Western Union to provide global reach for their customers. Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems, and by utilizing our vast networks, Western Union customers will now have more flexibility when sending money across borders.’
This is again a positive direction for fintech to be moving in, with alternative payment opportunities coming up with new technological innovations.