Venezuela has been included in the Thunes global cross-border payments network, opening the possibility for international banks and other linked platforms to settle funds directly into accounts in the country through the  Interbank Immediate Credit system.

According to the official statement, “the operation also includes transfers to mobile wallets and cash withdrawal options at authorized locations.”

Undoubtedly, this expansion of Thunes into the South American country “seeks to facilitate financial transactions between Venezuela and other international markets, in a context where family remittances and income from remote work represent sources of income for numerous Venezuelan households and professionals.”

Not only will families receiving remittances from around the world, currently totaling approximately $6 billion, benefit, but also “independent workers who provide services to foreign clients and companies. Designers, programmers, consultants, and other professionals who work remotely need mechanisms to receive their international income and access it through the Venezuelan financial system.”

Regulatory framework and security

Among the obstacles Venezuela faces regarding international payment networks are those related to regulatory controls, as well as correspondent bank policies and the restrictions some institutions apply to managing transactions linked to the country.

For this reason, Thunes has planned the operation of its Venezuelan corridor using the SmartX Treasury System and the Fortress Compliance Platform.

The infrastructure is backed by more than 50 international regulatory licenses and the implementation of controls for anti-money laundering, transaction traceability, and operational security.

According to Ximena Azcuy, Thunes’ Network Director for the Americas, the Venezuelan corridor is of great importance for international transfers. According to the executive, “Venezuela represents one of the most vital financial corridors in Latin America, where cross-border transfers are a lifeline for millions of families and a growing community of digital freelancers.”

M.Pino

Source: notitarde

(Reference image source: Ali Mkumbwa on Unsplash)

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La entrada Thunes announces the inclusion of Venezuela in its Direct Global Network infrastructure apareció primero en Bitfinance.