Thunes and Banco Cathay of Costa Rica have launched a cross-border Pay-to-Wallet solution through Swift infrastructure.

Recently, Thunes based in Singapore announced the activation of this Pay-to-Wallet service by Banco Cathay. This move allows the bank to send cross-border payments directly into mobile wallets within Thunes’ Direct Global Network. The integration leverages existing Swift connectivity, requiring no additional network infrastructure from Banco Cathay.

This arrangement enables any bank connected to Swift’s global network to direct disbursements to mobile wallets where these are the primary payment method in target markets. Both companies reported that the onboarding process for participating institutions requires minimal operational effort.

Mechanics of the Solution

The transaction flow through this Pay-to-Wallet service is handled by Thunes’ SmartX Treasury System and its Fortress Compliance Platform, which offer full visibility, compliance controls, and cost management. By using Swift’s existing messaging infrastructure as an entry point to Thunes’ Direct Global Network, the solution connects traditional banking systems with mobile wallet ecosystems without necessitating a replacement or significant modification of existing systems.

A Thunes representative indicated that this setup facilitates instant global payments to mobile wallets for financial institutions through their current Swift connections.

Industry Context

Banco Cathay’s activation represents a broader trend in cross-border payment infrastructure where financial institutions are seeking more direct and faster pathways to mobile-first markets, especially in regions with low bank account penetration, as mobile wallets play the main role.

For Banco Cathay based in Costa Rica, this move enhances its cross-border services by reaching recipient markets that could have been challenging to serve efficiently through traditional correspondent banking methods. The bank highlighted faster, simpler, and more accessible cross-border payments to mobile wallets as key benefits.

The activation of Banco Cathay also demonstrates how Swift-connected institutions can expand their disbursement services without developing proprietary wallet integrations, a strategy that Thunes plans to extend across its network membership.