Thunes Collaborates with UnionPay for Instant Payments
SINGAPORE and SHANGHAI – Thunes, a trailblazer in global money movement, has launched a significant initiative that revolutionizes money transfers to China's mainland. This new venture comes from a strengthened partnership with UnionPay International (UPI), enhancing the efficiency and transparency of international payments.
A Seamless Integration of Networks
The heart of this collaboration lies in the establishment of a direct technical connection between Thunes' Direct Global Network and UnionPay's robust infrastructure. This significant improvement facilitates an upgraded service for the UnionPay MoneyExpress remittance system. Through this streamlined connection, Thunes aims to provide access to a vast network of UnionPay cardholders across 79 major Chinese banks.
The impressive list includes leading institutions such as the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), Bank of Communications (BOCOM), and China Merchants Bank (CMB). Thunes Members globally—ranging from banks to digital wallets—can offer an enhanced payment experience with increased reliability and efficiency.
Addressing Traditional Challenges
Historically, sending money to China often came with a variety of complexities, including hidden fees and manual declaration processes. Thunes' direct connection to UnionPay alleviates these issues, providing a straightforward Pay-to-Card option that credits transactions in real-time or within just 12 hours.
The integration allows Thunes' Members to execute international payments to China's mainland with a domestic-like experience. Exchange rates are locked in upfront, ensuring recipients receive their funds directly in RMB to UnionPay debit cards without unnecessary delays or interventions.
Quotes from Leadership
Aik Boon Tan, Chief Network Officer at Thunes, emphasized the significance of this collaboration, stating, "Establishing a direct connection with UnionPay International is a game-changer for our Direct Global Network. This goes beyond access; it represents a high-speed, direct-to-card rail into a leading economy without the friction of traditional cross-border payments. Our Members can provide their customers with a user-friendly payment experience that's as simple as sending a text message."
The Importance of UnionPay MoneyExpress
The UnionPay MoneyExpress service is a cornerstone of UPI's strategy for cross-border remittances. It offers a secure and effective way to transfer funds directly into China, and this partnership with Thunes fortifies the link between global financial services and Chinese customers. This new integration ensures that users gain the advantages of MoneyExpress, such as upfront foreign exchange rates and quick settlements.
About Thunes
Thunes is a leading cross-border payment and remittance service, connecting businesses and consumers through its global network. With a commitment to efficient and transparent financial solutions, Thunes enables fast and secure transactions across different currencies and platforms.
Frequently Asked Questions
What is the purpose of Thunes and UnionPay's collaboration?
The collaboration aims to enhance the process of sending money to China's mainland, making it faster, more reliable, and transparent for users.
How does the direct connection improve money transfers?
The direct connection simplifies access to UnionPay services, providing cardholders with expedited transactions credited in real-time or within 12 hours.
What banks are included in Thunes' expanded network?
The network includes major banks such as ICBC, ABC, BoC, CCB, BOCOM, and CMB, enhancing access for cardholders.
What issues does Thunes address with this new service?
Thunes addresses historical challenges of hidden fees and manual declaration processes in cross-border payments to China.
What benefits does UnionPay MoneyExpress provide?
MoneyExpress offers reliable and efficient fund transfer solutions including upfront exchange rates and rapid settlement for users worldwide.
