Thunes, a global cross-border payments company, has been granted a new Payments Institution license by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France. This new regulatory approval further cements Thunes’ reputation as one of the leading payment powerhouses, connecting Europe, Asia, Africa, the Middle East, and Latin America.
This new license enables Thunes to offer global cross-border payment services to non-bank financial institutions in the European Union (EU), including companies that do not hold a payment license. This landmark approval opens up a host of opportunities for Thunes, including the ability to expand its reach to new cross-border markets and onboard new companies of all sizes in the EU.
Complementing Thunes’ existing license for payment acquisition services
The new regulatory approval in France complements Thunes’ existing license, which permits the company to conduct payment acquisition services for merchants, marketplaces, and payment service providers for regulated financial institutions in the region. The latest approval will help the company facilitate more complex and multi-currency transactions, meeting the demands of non-bank financial institutions looking to streamline cross-border payments.
Rigorous application and review process
The successful license approval followed a rigorous application and review process. The ACPR assessed Thunes’ application against a range of criteria, including its governance, financial stability, risk management, and anti-money laundering (AML) and counter-terrorist financing (CTF) procedures.
Creating alternative payment rails that are superior to the conventional corresponding banking network
Thunes’ new license marks another leap towards creating alternative payment rails that are superior to the conventional corresponding banking network. The innovation removes friction for businesses and individuals, facilitating faster and more efficient cross-border payments. Thunes’ new license will unlock new avenues for use cases across industries, including e-commerce, insurance, and remittances.
Full compliance with strict AML regulations and standards governing payment operations
Thunes’ compliance with strict AML regulations and standards governing payment operations has been a key factor in securing the new license. The company’s adherence to these regulations ensures that cross-border payments are both secure and transparent. Thunes has put in place measures to detect, prevent, and report suspicious activity, contributing to the fight against financial crime.
The new license will accelerate Thunes’ expansion plans by opening up new markets and onboarding companies of all sizes in the EU. The company can now offer more diverse and innovative payment options, catering to the needs of businesses across different industries. Thunes will continue to explore new use cases for its global cross-border payment services, providing greater convenience, security, and speed for businesses and individuals looking to move money across borders.
Helping ambitious European fintechs and aspiring global innovators expand their reach to new cross-border markets
Thunes’ new license also presents opportunities for ambitious European Fintechs and aspiring global innovators looking to expand their reach to new cross-border markets. The company’s global network and expertise in cross-border payments provide a gateway to these new markets, helping businesses to grow and scale quickly. Thunes will continue to work closely with these companies by offering support and guidance on cross-border payment solutions that meet their specific needs.
In conclusion, Thunes’ new Payments Institution license by ACPR in France marks a significant milestone for the company, allowing it to offer more innovative and secure payment options to non-bank financial institutions across the EU. The new license reinforces Thunes’ position as a leading payment powerhouse, with the global network and expertise to support businesses looking to expand and grow in new cross-border markets.