B2B Payments

UNFCU, Thunes Partner To Allow B2B Transfers In Local Currencies

United Nations Federal Credit Union (UNFCU) has partnered with cross-border payment network Thunes in order to bring mobile wallet money transfers in local currencies to members, according to a press release.

Mobile money transfers are currently available to UNFCU members in Bangladesh, Ethiopia, Fiji, Ghana, Guatemala, Kenya, Malawi, Mexico, Nepal, Nigeria, Sri Lanka, Vietnam, Uganda, and Zambia, according to the release.

Chief Member Operations Officer Bill Thomas said UNFCU is "dedicated to providing our members with financial peace of mind."

"Thunes' network allows UNFCU to connect seamlessly with mobile wallet applications in select countries," he said, according to the release. "We will continue to work with Thunes to expand the network to more countries worldwide."

Thunes CEO Peter De Caluwe said the company had seen more transactions this year overall, and with UNFCU's partnership, would be able to keep the momentum going.

"We have seen an increased demand for simplified transactions," he said, according to the release. "Since the launch of the service in February, transaction volume has grown 68 percent on average. Through the expansion of our partnership, we look forward to delivering fast, secure, low cost, and convenient solutions to benefit more members across the world."

Last November, Thunes was approved by regulators to begin operations in Singapore. It was reported at the time that the company would be allowed to incorporate other businesses, from any industry, onto its payment network, where they would be able to move funds. It was an improvement from the previous state of the company, in which the network could only work with local Singaporean financial institutions like Grab, Singtel and DBS Bank.

UNFCU, which holds billions in assets and serves over 120,000 members worldwide, recognizes the need for U.N. members to travel — and to have their finances be mobile-ready as well. That means implementing ways for members to use local currencies wherever they go, such as an online banking program for easy access.

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