Thunes Product Feature: A Smart, Flexible Cross-Border Payments Experience
Contribution by: Elie Bertha, Product Director, & Nanz Lim, Product Director
Your cross-border payments experience should be as easy as making a local payment. But enabling payments across borders is a complex procedure with constantly changing variables. Applicable FX rates, minimum and maximum transaction amounts, and know-your-customer (KYC) requirements, just to name a few.
Suppose you’re managing your business’ cross-border payment operations. In that case, you might be familiar with the frustration of needing to stay up-to-date with the latest country requirements.
It can get extra challenging if you need to send money to many different destinations, each with its own unique requirements.
You might even need to manually retrieve this information from various disparate sources, putting a strain on resources and potentially delaying transactions.
Even worse is risking unexpected failures due to incomplete or insufficient beneficiary information, resulting in unhappy customers, merchants or suppliers.
Introducing Thunes Service Discovery Feature
We understand the importance of a seamless flow and the ease of having this information at your fingertips. To boost efficiency, we’ve implemented a service discovery feature – a powerful built-in capability that automatically stays updated with the latest regulations, requirements and specifications with a list of destinations you can send money to.
The feature boasts a self-service solution that enables our customers to instantly access, download and distribute these details to their relevant teams.
For our customers on Thunes Business Hub, our web-based platform that powers cross-border payments, the feature will be available as ‘My Thunes Network’. From here, users can view available pay-out options and instantly obtain key details to seamlessly facilitate cross-border transactions.
This feature has proven extremely useful to our partners, with a VP of Operations at a Money Transfer Operator sharing, “We are very happy with the new features and user-friendly interface. ‘My Thunes Network’ helps us quickly find the corridors and transaction types available for us.”
For our customers using our Money Transfer API, the service discovery feature is available as a set of API methods. You can now build a dynamic interface that is always up to date with the latest requirements and linked to your targeted destinations.
At Thunes, we’re always listening to customer feedback and making continuous improvements to serve you better. Interested to find out more about this new feature? Contact our friendly team here.