Singapore-headquartered global payment platform Thunes says it has launched real-time cross-border payments to and from Colombia through Bre-B, the country’s new national instant payment system from Banco de la Republica, the Central Bank of Colombia.
Thunes says that what it calls this milestone highlights its commitment to connecting and supporting real-time payment (RTP) systems worldwide and promoting financial inclusion through faster, interoperable and affordable money movement.
Thunes has built a proprietary global network of direct connections to local payment brands. It says its connects the old systems with the new, allowing businesses and consumers to instantly send and accept payments anywhere in the world, in any payment method.
In this case, Thunes says, adding Bre-B capabilities to its Direct Global Network is the latest example of its support for central banks and regulators modernising national payment systems and expanding access to financial products.
Bre-B allows individuals and businesses to send and receive money instantly, 24/7, between accounts held at different banks, cooperatives, digital wallets, and fintechs. It was officially launched on 6 October this year. Thirty million people, representing 76% of the country’s adults, have already signed up to the service.
Thunes says it is one of the first global payment platforms to enable real-time cross-border capabilities in and out of Colombia with the new national system, dramatically accelerating transaction speed, reliability and accessibility for members of its Direct Global Network and their end users.
It adds that, although nearly 78% of transactions in Colombia are still cash-based, Colombia’s financial ecosystem is undergoing a rapid digital transformation. It suggests that with over 92% bank account penetration and surging adoption of mobile wallets, along with its new instant payment service, the country is set to pave the way for a more inclusive, digital-first economy.
