Cross-border payments in real-time have been extended by Thunes to Saudi Arabia.
Thunes, a global payments infrastructure company, has announced the rollout of its real-time cross-border payments service in Saudi Arabia. The institution using Thunes' Direct Global Network for this purpose is the barq digital wallet.
This move by Thunes is in response to Saudi Arabia's financial sector transformation under Vision 2030, a national programme aimed at diversifying the economy and increasing the private sector's contribution to GDP.
The rollout aims to ensure faster settlement and a smoother experience for pilgrims, as well as overseas businesses managing Hajj and Umrah pilgrimage campaigns. Thunes' Direct Global Network is the platform through which the real-time cross-border payments are being rolled out.
Thunes' Direct Global Network connects directly with the Saudi banking network, providing faster, more cost-efficient, and more transparent transfers compared to traditional payment methods. This connection enables Members to deliver instant payouts directly to bank accounts and wallets in the Kingdom in Saudi Riyals (SAR).
Industry data predicts that the value of money received into the Kingdom will reach US $232 billion in 2025. Thunes' real-time cross-border payments launch strengthens its leadership in this area, supporting greater financial inclusion and enabling millions to participate more fully and easily in the global economy.
Aik Boon Tan, Chief Network Officer at Thunes, emphasized that speed is crucial in cross-border payments, and Thunes' real-time direct payout capability in Saudi Arabia enables instant, secure, and transparent transfers.
Ahmad Yaacoub, VP MENA and Country Head for Saudi Arabia, stated that demand for faster, reliable cross-border payments in Saudi Arabia is high due to the rapid digital shift in the financial sector. Thunes' research indicates that 65% of expatriates view transaction speed as the most critical factor when choosing how to send funds.
The launch of real-time payments into the Kingdom provides Members with tools to meet these expectations and better serve both consumers and businesses. This development is part of a broader trend towards digital adoption and faster, more transparent cross-border payments.
With this launch, Thunes continues to expand its global footprint, offering a seamless and efficient solution for cross-border payments. The company looks forward to contributing to the continued growth and development of the Saudi Arabian economy.
