Thunes & Colombia's Bre-B: Revolutionizing Real-Time Cross-Border Payments

Thunes Forges New Real-Time Payment Link with Colombia's Bre-B System

Singapore-based global payment innovator, Thunes, has officially announced a groundbreaking expansion of its real-time payment capabilities, establishing a new corridor with Colombia. This pivotal development sees the integration of Bre-B, Colombia's national instant payment system, into Thunes' extensive global network. The strategic move is designed to facilitate significantly faster, more reliable, and universally accessible cross-border transfers, marking a substantial leap forward in the digitalization of financial services within the region.

This latest initiative underscores Thunes' ongoing commitment to interconnecting diverse national real-time payment infrastructures worldwide. The company's overarching mission revolves around fostering greater financial inclusion by enabling swifter, interoperable, and economically viable transactions across international borders. Such efforts are crucial in empowering individuals and businesses, particularly in emerging markets, to participate more fully in the global digital economy.

The Emergence and Impact of Bre-B in Colombia

Bre-B, an innovative payment system spearheaded by Banco de la República, Colombia's central bank, was officially launched on October 6th. Its primary objective is to empower both individuals and enterprises to execute instant money transfers and receipts, operating seamlessly 24 hours a day, seven days a week. The system effectively bridges various financial entities, including traditional banks, cooperative institutions, digital wallets, and burgeoning fintech platforms, thereby creating a unified and highly efficient domestic payment ecosystem. The rapid adoption of Bre-B is evident, with over 30 million Colombians, representing approximately 76% of the adult populace, already registered to utilize the service, highlighting its immediate and widespread acceptance.

The integration of Bre-B into Thunes' network serves as a testament to the collaborative synergy between private sector innovation and public sector regulatory bodies. This partnership is instrumental in modernizing national payment systems and broadening access to essential financial products and services. Colombia's financial landscape is currently undergoing a significant metamorphosis, characterized by a high proportion of cash-based transactions (nearly 78%) juxtaposed with a robust 92% adult bank account ownership. The integration with Bre-B is poised to accelerate the nation's transition away from physical cash, propelling it towards a more robust and inclusive digital financial future.

Thunes' Strategic Role in Global Connectivity

As one of the pioneering global payment providers to integrate with the Bre-B system, Thunes is uniquely positioned to enable real-time transfers into and out of Colombia for all members of its Direct Global Network. This capability not only enhances the efficiency of international remittances but also opens up new avenues for trade and economic collaboration. The infrastructure laid by Thunes facilitates a seamless flow of funds, crucial for supporting dynamic cross-border commerce and individual financial needs.

Chloé Mayenobe, President and COO at Thunes, articulated the strategic importance of this collaboration, stating, "Across the world, Thunes is deeply engaged in building and connecting Real-Time Payment systems that enable people and businesses to move money instantly, securely, and transparently. We greatly value the vision and leadership of central banks, like Colombia’s, that are driving innovations to make financial systems more inclusive and interoperable. Together with Bre-B, we’re helping to power Colombia’s participation in the real-time global economy and set a new benchmark for interoperable payments in the region." Her comments underscore the mutual benefits derived from such partnerships, where technological expertise meets regulatory foresight to create impactful financial solutions.

Expanding Reach and Driving Financial Transformation

Aik Boon Tan, Chief Network Officer at Thunes, further elaborated on the transformative potential of this integration. He remarked, "Our addition of Bre-B to Thunes’ Direct Global Network is a strong example of how public and private innovation can come together to drive financial transformation. Through this extension of our Network, we are proud to help expand Bre-B’s reach beyond Colombia’s borders, giving local people and businesses access to the global economy." This statement highlights the role of Thunes in extending the reach of domestic payment systems, thereby amplifying their global utility and impact.

The partnership between Thunes and Bre-B is more than just a technological integration; it represents a profound step towards global financial interconnectivity. By linking a crucial national payment infrastructure to a vast international network, Thunes is not only streamlining cross-border transactions but also empowering millions of Colombians with enhanced access to global financial services. This model of collaboration between fintech innovators and central banks is likely to become a blueprint for future developments in digital payments, fostering a more inclusive, efficient, and interconnected global financial ecosystem.