Singapore-based payments firm Thunes has teamed up with Brazilian digital payments firm Bexs Banco to bring real-time payments to Brazil.
The move will enable business and their customers around the globe to send money to Brazil in real-time with Thunes processing inbound transactions.
This partnership also covers payments to Pix, the instant payment system launched by the Brazilian central bank in November last year.
Bexs CEO Luiz Didier Jr. said: “We were the first payment provider in Brazil to integrate the Pix technology into cross-border transactions. We now operate with Thunes, which processes payments for global players across multiple big techs, digital banks, and international remittance platforms.”
The alliance comes as global cross-border transactions are estimated to reach $156trn in 2022.
Thunes is looking to tap Latin America, whose share of these transactions is expected to grow considerably on the back of evolving global trade in the region.
The company currently has footprint in 16 Latin American countries, which include Argentina, Colombia, Mexico, Peru, and Uruguay.
Thunes COO Tamer El-Emary said: “Brazil is a strategic market for Thunes: it is home to a large population of creative and entrepreneurial talent, including freelancers, influencers, and gamers. Many of them are earning income out of the growing Creator and Gig Economy platforms, and rightfully expect real-time payments and high quality of service.
“Our partnership with Bexs brings exactly that: faster and better payouts that can benefit millions of Brazilians. Without a doubt, this is a highly significant strategic partnership for our company, and we hope to see fast growth coming from it.”
Last month, Thunes teamed up with financial software company Finastra to enable the latter’s existing customers to send money by accessing new payment rails.
The same month, the firm received a payment institution licence in France to conduct merchant acquisition services.