The cryptocurrency plans of Western Union are being executed in full swing. After partnering with Ripple the global remittance giant has now decided to join forces with cross-border payments network Thunes to facilitate Stellar-based global transfers. The partnership was announced yesterday, and it’s second partnership of Western Union with a crypto-focused company in two months.
Thunes was previously known as TransferTo. It has partnered with Stellar.org to improve the way of global payments and transfers. Under the partnership it makes use of Stellar’s distributed ledger for instant clearing, settlement, and execution of transactions. This allows value to move directly between two banks and payment gateways. Now after the partnership with Western Union the company will be able to extend its services to millions of users worldwide. CEO of Thunes, Mr. 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.”
Interestingly, the partnership is coming after IBM’s launch of World Wire payment solution. That particular service is also in partnership with Stellar Lumens, and it aims to facilitate crypto payments across 72 countries.
The partnership of Thunes and Stellar was forged in July 2018 to increase the reach of Thunes into emerging markets. However, since then both these companies have experienced a surge in their market reach. Now after the partnership with Western Union both companies are set to go through an even more important phase of their growth. Sandra Yao, SVP of Thunes in Africa, said:
“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.”
Western Union had decided to utilize cryptocurrencies for its business way back in December 2018. After that last month company partnered with Ripple, and now it has partnered with Thunes. It will be interesting to see what else it does next to improve its remittance services.