Absa Group has selected Thunes as its strategic Multicurrency Clearing (MCC) partner as the bank strengthens its cross-border payment infrastructure across Africa and global markets.
The collaboration will support Absa’s wider international payments strategy. It will also improve how businesses and consumers access cross-border payment services across different currencies and payment channels.
Multicurrency Clearing allows a bank to settle payments in several currencies through one connected clearing arrangement. This reduces the need for multiple intermediaries. It can also lower costs, expand access to payment methods and provide greater transparency in international transactions.
Through the collaboration, Absa’s Pan-African banking network will connect directly to Thunes’ Direct Global Network. This will allow payments to reach destinations beyond traditional bank accounts. Customers will also be able to access mobile wallets and card payment rails.
The arrangement will support 24/7 liquidity and enterprise-grade compliance. This gives Absa a wider infrastructure base for handling cross-border transactions as demand for faster and more accessible international payments grows.
Absa expands cross-border payment infrastructure
The partnership builds on the recent launch of Absa Global Pay in South Africa. The solution brought together Absa’s banking capabilities and regional reach with Thunes’ global payment network and local-market capabilities.
Richard Southey, Managing Executive: Payments as a Service, Absa CIB, said the latest development reflects the progress made through the existing relationship.
“Deepening our strategic collaboration with Thunes is a natural evolution of our commitment to delivering intuitive, world-class financial services,” Southey said.
He added that the expansion would allow Absa to make greater use of Thunes’ network across the continent.
“Following the success of our Global Pay solution launched with Thunes in South Africa, expanding this collaboration allows Absa to leverage Thunes’ expansive and trusted Network across the continent to extend our cross-border solution, giving our clients unprecedented currency choice, speed, and cost efficiency,” he said.
The broader network is expected to give Absa greater flexibility in supporting international payments. It also strengthens the bank’s ability to connect customers to different payment channels without relying solely on traditional banking infrastructure.
For businesses operating across African markets, improved payment connectivity can support faster movement of funds between countries. It can also make international transactions more accessible through a wider range of payment options.
Partnership builds on Absa Global Pay
Absa Global Pay currently allows Absa customers to send funds directly through the Absa Banking App or Connected Banking. The service provides instant settlement to 18 countries.
The solution uses Thunes’ Direct Global Network alongside Absa’s presence in key African markets. According to the companies, customers benefit from lower fees, clear pricing and competitive foreign exchange rates.
Daniel Parreira, Senior Vice President, Africa at Thunes, said the partnership builds on the results of the companies’ initial work together.
“Our initial work with Absa demonstrated the tremendous impact of combining deep local banking relationships with interoperable global payment reach,” Parreira said.
He said the expanded relationship would provide the infrastructure needed to connect African users with international payment networks.
“By extending our collaboration and taking on a strategic Multicurrency Clearing role supporting Absa Group, we are providing the digital infrastructure and liquidity needed to connect African businesses and consumers to global payment ecosystems seamlessly,” he said.
The Multicurrency Clearing arrangement forms part of Absa’s broader international payments strategy. It will serve as a core component of the bank’s approach to delivering cross-border payment services across its markets.
The partnership therefore extends beyond a single payment product. It brings together Absa’s African banking footprint and Thunes’ global payment connectivity to support a broader cross-border payments infrastructure for businesses and consumers.
