Thunes and Banco Cathay of Costa Rica have activated a Pay-to-Wallet cross-border payment solution using Swift infrastructure.
Following this announcement, Singapore-based Thunes has announced the activation of its Pay-to-Wallet solution by Costa Rica-based Banco Cathay, enabling the bank to send cross-border payments directly to mobile wallets across Thunes' Direct Global Network. The integration is built on existing Swift connectivity, meaning Banco Cathay required no additional network infrastructure to access the capability.
The arrangement allows any bank connected to Swift's global network to route disbursements to mobile wallets in markets where such wallets represent the primary payment method. According to the companies, the onboarding process involves minimal operational overhead for participating institutions.
How the solution works
According to the official press release, transactions processed through the Pay-to-Wallet service are powered by Thunes' SmartX Treasury System and its Fortress Compliance Platform, which the company states provide end-to-end visibility, compliance controls, and cost management. Through the process of leveraging Swift's existing messaging infrastructure as the entry point into Thunes' Direct Global Network, the solution bridges conventional banking rails with mobile wallet ecosystems without requiring institutions to replace or significantly modify their existing systems.
A company official at Thunes noted that the arrangement is intended to allow financial institutions to access instant payments to mobile wallets globally through their current Swift connectivity.
Broader context
The activation by Banco Cathay reflects a wider shift in cross-border payment infrastructure, as financial institutions seek faster and more direct routes to mobile-first markets in regions where bank account penetration remains low and mobile wallets serve as the primary vehicle for receiving funds. At the same time, Swift's global reach positions it as a natural integration point for companies such as Thunes looking to extend the reach of digital disbursement networks.
For Costa Rica-based Banco Cathay, the move extends its cross-border offering to recipient markets that may previously have been difficult to serve efficiently through traditional correspondent banking channels. The bank's commercial management cited faster, simpler, and more accessible cross-border payments to mobile wallets as the primary objective.
Moreover, the Banco Cathay activation represents one example of how Swift-connected institutions can extend their disbursement capabilities without building proprietary wallet integrations, a model that Thunes has indicated it intends to expand further across its network membership.
