European open banking platform, TrueLayer announced today that the company has formed a collaboration with Thunes, a Singapore-based fintech firm powering cross-border payments. Through the partnership, the companies are planning to support clients in the United Kingdom and different parts of the European region.
Established in 2016, Thunes is a B2B company that powers payments for some of the world’s fastest-growing businesses. The fintech firm is building a B2B payment infrastructure to address the payment needs of financial technology companies, retailers and different marketplaces.
“Open banking is rapidly moving to the mainstream, as more merchants adopt account-to-account payments thanks to their ability to deliver significant cost savings, enhanced security and speed of settlement when compared to other payment methods,” Mariko Beising, the Head of Payment Partnerships at TrueLayer, said.
“Thunes has a track record of adopting and optimizing the latest payments options for its customers, so they can focus on running their business. Implementing open banking is the next logical step, and we believe that together we can deliver significant value to merchants across Europe through a trusted partner,” Beising added.
Expansion
Earlier this year, TrueLayer announced the expansion of its operations with its entrance into 5 new European markets. The new markets included Austria, Belgium, Denmark, Finland and Portugal. To fuel its growth, TrueLayer raised $70 million last year in a funding round led by Addition.
Commenting on the partnership, Christophe Bourbier, the Managing Director at Thunes, said: “At Thunes we are really excited about this new value proposition that we will be able to offer to our extensive network of merchants and partners. Open banking payments are gaining momentum not only in the UK but also in the rest of Europe, and we really believe that this strong partnership with Truelayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all.”
