Thunes, Bank 131 expand real-time payments to Russia

Tuesday 12 October 2021 09:05 CET | News

Singapore-based cross-border payments fintech Thunes has announced the ability to provide instant cross-border bank payments to Russia, according to the official press release. 

The partnership with Bank 131 will allow Thunes’ customers to make payments to any of Russia’s business and consumer bank accounts in Russia in near-real time. The payments industry in Russia is evolving rapidly on the back of rising consumer and business demand for digital solutions. In 2019, the combined value of remittance flows in and out of Russia was USD 28.8 billion (2.1 trillion Russian rubles). These international payments are predominantly driven by a mixture of peer-to-peer (P2P) transactions, freelancers, consultants, and other Russian technology and creative talents working abroad.

While the shift to digital has accelerated during the COVID-19 pandemic, receiving payments internationally remains a challenge to Russian remote workers, entrepreneurs, ecommerce companies, and other businesses. Historically, cross-border payments to Russia have been complicated by the lack of transparency, long waiting times, and burdened with hidden fees. Thunes’ cross-border payments network makes it easier for Russians to get cross-border transactions that are as fast, transparent and cost-effective, from anywhere and any currency.

With the addition of Russia, Thunes’ global network will now grow to 115 countries where it can facilitate inbound consumer or business payments.

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Keywords: Thunes, cross-border payments, banks, fintech
Categories: Banking & Fintech
Countries: Russian Federation
This article is part of category

Banking & Fintech