Commercial Bank of Dubai and Thunes Partner to Offer Real-Time International Remittancesby Fintechnews Middle East 30. June 2020
Commercial Bank of Dubai and global cross-border payment provider Thunes announced a partnership that will facilitate real-time cross-border transaction flows between the UAE and the rest of the world.
Through this partnership with Thunes, Commercial Bank of Dubai will be able to cater to corridors such as India, Philippines, Pakistan and Bangladesh providing customers with real-time remittance to bank accounts, mobile wallets and cash pick-up services at various locations.
The service will be launched with remittances to bank accounts whilst remittances to cash-pick up locations and mobile wallets will be added shortly. According to the Central Bank of the UAE in 2019, AED 165 billion was sent back by migrant workers to their home countries from the UAE, with India, Pakistan and the Philippines being the top 3 destinations of remittances from the UAE.
With this new offering, CBD’ customers can transfer money in real-time to India, Bangladesh, Philippines and Pakistan, conveniently, quickly and securely using the award-winning CBD Mobile App or CBD’s online banking platform. With more countries to follow, the partnership is a strong testament to the hard work and dedication of both teams to improve the customer experience for remittance solutions in UAE.
“We are delighted to partner with Thunes, enabling us to optimize and streamline our processes with a single API to remit money to many countries. This is firmly in line with CBD’s default digital strategy to provide customers with innovative and technological products and services to enrich their banking experiences and make banking more seamless and convenient,”
commented Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.
“We are glad to partner with Commercial Bank of Dubai and join them on their innovative path to become a digital-first bank in UAE. Bringing more services for banks and unlocking opportunities for their customers is part of our mission and we are delighted to offer many remittance destinations for CBD,”
noted Peter De Caluwe, CEO at Thunes.