D360 partners Thunes for instant cross-border payments

Wednesday 24 May 2023 14:53 CET | News

Payments company Thunes has partnered with Saudi Arabia-based digital bank D360 Bank to power instant cross-border payments across MENA and key global markets.


The collaboration is set to enable D360’s customers in Saudi Arabia to carry out expedited and cost-effective B2B payments and international remittances throughout the world. What is more, D360 mobile app users are set to be able to transfer funds to their beneficiaries in Europe, the US, and the entire Middle East region in an instant and secure manner, with additional markets set to follow in due time.

Cross-border payments and Thunes – D360 Bank collaboration details

Based on the information provided in the press release, with upfront cost transparency and confirmation of arrival, the collaboration aims to create a simplified payment experience. Commenting on this, Sadeq Al Thawab, Executive Director at D360 Bank advised that D360 was purposefully designed to address the needs of digitally savvy Saudi residents and SMEs that look for improved service and user experience.

Per their statement, leveraging Thunes’ extensive payments infrastructure and D360’s digital approach, the company aims to address the challenges associated with slow and complex cross-border transactions, which usually come with increased friction and costs. Together, the companies will be setting up a customer payment experience that is accessible, transparent, and user-friendly.

Thunes has partnered with D360 Bank to power instant cross border payments.

The collaboration builds upon Thunes’ August 2022 announcement to improve its capabilities by forming strong local collaborations with money transfer operators (MTOs), e-wallets service providers, and banks in Saudi Arabia. Simon Nelson, Senior Vice President at Thunes added that the company is looking forward to partnering with D360 and supporting their growth and ambitions, stating that by placing their technology together with D360’s customer base, they are enabling businesses and customers alike with the tools necessary to succeed in the digital age, while redefining how people experience banking and payments in Saudi Arabia and beyond.

What is more, the official highlighted Thunes’ commitment to supporting Saudi Arabia’s Vision 2030, which looks to increase the number of cashless transactions to 70% by 2025, and to working with local partners to ensure improved customer experiences by enabling instant borderless payments worldwide for retail and business customers alike.

The announcement further details that Saudi Arabia’s young, mobile-first society is contributing to an expedited change in payment preferences, as two-thirds of the population is under 35, and the region ranks third globally in smartphone usage at 24.2 million users, with approximately three-quarters of the population using smartphones. What is more, in 2021, electronic payments came before cash as the most common payment method for the first time, as per a study by the Saudi Central Bank.

For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: partnership, payments , B2B payments, instant payments, cross-border payments, mobile payments, remittances, fintech, financial services, paytech, expansion, digital banking, ecommerce, SMEs, transactions , cashless
Categories: Payments & Commerce
Companies: D360 Bank, Thunes
Countries: Middle East, World
This article is part of category

Payments & Commerce

D360 Bank



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