Skaleet, an international FinTech working with a next generation Core Banking Platform, announced Tuesday (April 26) that it has partnered with cross-border payments provider Thunes to further its ecosystem.
The release noted that French residents send almost €13 billion ($13.8 billion) abroad, according to the European Central Bank. That makes it the third country in Europe for outgoing remittances, following Switzerland and Germany, according to data from May 2021.
The money transfer market has usually been taken up by liquid transactions, the release said, but digital transfers have become more important. Thunes is reportedly an instant payments platform, letting businesses make payments in various areas of the world, supporting dozens of currencies.
The release said Thunes’ platform can help connect players globally through a single application programming interface (API), providing peer-to-peer (P2P) money transfers, bulk payments and commercial payments. Meanwhile, Skaleet lets financial institutions roll out new banking products, with customers getting access to new experiences.
Skaleet has reportedly wanted to find a partner to work with on an instant global payment solution for business-to-business (B2B) and business-to-consumer (B2C) customers, which Thunes might be able to satisfy, offering “a wide range of fast, competitive payment services that connect directly to its customers’ accounts.”
PYMNTS wrote that Thunes had also recently acquired $20 million as a majority stake in anti-money laundering (AML) and compliance platform Tookitaki, which will hopefully bolster international growth for both entities.
Read more: Thunes Snaps up Majority Stake in Compliance Firm Tookitaki
Both are headquartered in Singapore, and the partnership will add to Tookitaki’s compliance and AML capabilities, extending its footprint in that area. Tookitaki reportedly deals in over 180 million transactions per year, working with various companies.
The report noted the two companies have a way to help payments firms and financial institutions add to their compliance processes and cut down on risk. This partnership will also reportedly create more transparency around global payment flows.
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