Cross-border payments

Thunes provides a cross-border payment network to deliver smarter payment solutions across all business verticals. It does so by facilitating both the payment collection and the payouts of funds and focuses on the emerging markets.

On the Payments Collection side, Thunes offers Merchants, Marketplaces and Payment Service Providers a range of payment options: Virtual Accounts, Alternative Payment Methods, Mobile Wallets, and Buy Now Pay Later options.

One of Thunes’ services, Virtual accounts, allows businesses to collect payments overseas by generating a Bank account number that can be used to allow overseas customers to easily send a bank transfer funds onto a virtual account of the beneficiary. And thanks to the recent acquisition of Limonetik, Thunes now helps merchants accept payments from consumers located in Europe via an increasing number of payment methods (up to 285) with just one API.

Once collected, funds can then be transferred to an extensive number of countries (78) in-real time, and, if needed, can be converted into one of the 41 currencies currently covered by Thunes. Thunes Payouts capabilities currently span across the following use cases: Remittances, Mass Payouts, Platform Payments, and Business Payments.

Reprocessing:

The success of a money transfer transaction depends on the success of many different parties involved in a transaction.

For example, if an expat staying in Holland wants to transfer funds successfully to her/his home town in India, the transaction would involve the following parties:

• Remittor s/he is using to send the money,
• Thunes as the infrastructure platform,
• Receiving partner that Thunes works with, and
• Eventual payer receiving the funds.

Sometimes, due to a surge in the volume of technical issues, a receiving partner might stop ‘responding’ to API calls, or is technically unavailable to process a transaction. In such scenarios Money Transfer Operators would simply find themselves unable to complete the transaction for their customers.

This problem can happen sporadically and can sometimes reach a failure rate of anywhere from 3~5% of the transactions handled by the corridor, resulting in millions in lost revenue opportunity.

This is a backend feature so there is no action required on the client’s side. Previously for unsuccessful transactions the client had to manually send the transaction again, which resulted in additional work.

One innovation that has seen success at Thunes is the ability to retry such transactions at a later time (multiple times) to ensure that the transaction is successfully completed. The initiative improved the quality of service for the end consumers, and overall satisfaction rates.

During the first implementation with an existing customer the feature increased the transaction completion rate from 94.4% to 97.3%.

https://www.thunes.com/