Thunes Expands Real-time Payments to Russia, Partners with Bank 131

Thunes, a Singapore-based Fintech company and a leader in global cross-border payments, today announced the ability to provide instant cross-border bank payments to Russia. The partnership will allow Thunes’ customers to make seamless 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 $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, e-commerce 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.

“Russia has always been a very interesting market in terms of cross-border payments. The country has a robust payments landscape, and there is a strong demand for both inwards and outwards payments, but the underlying digital infrastructure for international payments wasn’t really built. Through our partnership with Bank 131 and thanks to Thunes’ digital treasury system, we are able to enable instant Bank payouts to Russia from virtually any country in the world. We are glad to strengthen the financial and economic ties between Russia and the rest of the world, and stay true to our vision: providing accessible, transparent and affordable payments to and from every country globally,” said Andrew Stewart, Global Head of Networks, Thunes.

“Bank 131 is excited to partner with Thunes to amplify our mission to facilitate overseas payments for our clients. Thunes’ solution helps us better realise our mission, as connecting to its extensive global payments network grants our customers instant payments access to the rest of the world. We are excited to continue our cross-border payment journey with Thunes on deck and give our customers the ability to make cross-border payments in real time,” said Alexander Magomedov, Chairman of the Management Board, Bank 131.

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