The international payment processor Thunes has entered into a partnership with the large financial services provider Western Union.
Western Union (WU) and Thunes, two companies that support both payments across national and currency borders, have entered into a partnership. While Thunes is a Fintech startup based in Singapore, Western Union was founded in 1851 in the USA and is traded on the New York Stock Exchange.
According to the press release, the partnership now enables WU customers to send funds directly to Mobile Wallets anywhere in the world. According to Steve Vickers, CEO of Thunes, his company combines multiple payment systems to provide greater flexibility for cross-border transactions.
In July 2018, Thunes, then known as TransferTo, began working with Stellar.org, the website of the Stellar Lumens (XLM) crypto currency development team. Stellar’s main goal is to make cross-border payments faster and cheaper.
Stellar network explicitly not involved
This connection obviously made some crypto fans believe that WU could now integrate XLM into its systems. However, Thunes today released a clarification that the company’s partnership with Western Union is not based on the Stellar Blockchain, as news sites have mistakenly reported. In reality, the cooperation has no connection at all to the blockchain technology, but is based instead on Thunes’ API network.
Western Union not convinced by Ripple
At the beginning of last year, Western Union had already entered into a partnership with Ripple, the former company of Stellar founder Jed McCaleb. In June 2018, however, WU CEO Hikmet Ersek had stated that he had not yet been able to identify any cost savings in testing the Ripple product xRapid, which uses the crypto currencies XRP.
Ersek made similar comments at this year’s World Economic Forum in Davos:
His company already has a working system that can process 137 different currencies in a matter of seconds. A larger efficiency by use of Ripple was not yet noticeable against it, but one works further on it.