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Absa Group has selected global payments infrastructure provider Thunes as a strategic Multicurrency Clearing (MCC) partner as the financial services group expands its cross-border payments strategy across Africa and international markets.
The expanded partnership builds on the companies’ recent launch of Absa Global Pay in South Africa, which combined Absa’s banking network and Pan-African presence with Thunes’ global payment connectivity and local-market capabilities.
The latest agreement is expected to extend the collaboration beyond the initial South African offering and support Absa’s wider efforts to improve cross-border payment services for businesses and consumers.
Multicurrency clearing to support faster cross-border payments
Multicurrency Clearing is a key component of Absa’s strategy to improve the speed, transparency and range of options available for cross-border payments.
Through the partnership, Absa’s Pan-African banking footprint will be connected to Thunes’ Direct Global Network, which covers more than 140 countries, 90 currencies and 220 payment methods.
The infrastructure will enable payments to extend beyond traditional bank accounts to mobile wallets and card-based payment rails, supported by 24/7 liquidity and enterprise-grade compliance capabilities.
The model is designed to provide businesses and financial institutions with greater flexibility when moving funds across markets, while supporting access to different currencies and payment channels.
Absa expands cross-border payment capabilities
Richard Southey, Managing Executive: Payments as a Service at Absa CIB, said the deeper collaboration reflects the group’s focus on developing accessible and efficient financial services.
“Deepening our strategic collaboration with Thunes is a natural evolution of our commitment to delivering intuitive, world-class financial services,” Southey said.
He said the success of Absa Global Pay in South Africa had demonstrated the value of the partnership and that expanding the relationship would allow Absa to leverage Thunes’ network across the continent.
The expanded collaboration, he added, would give Absa clients greater currency choice, faster payments and improved cost efficiency.
The partnership comes as African businesses increasingly require payment infrastructure capable of supporting trade, remittances and commercial activity across multiple currencies and jurisdictions.
For financial institutions, the ability to connect local payment systems with international networks is also becoming increasingly important as cross-border commerce and digital financial services expand.
Thunes provides global payment connectivity
Daniel Parreira, Senior Vice President, Africa at Thunes, said the initial collaboration with Absa demonstrated the benefits of combining established local banking relationships with international payment connectivity.
“Our initial work with Absa demonstrated the tremendous impact of combining deep local banking relationships with interoperable global payment reach,” Parreira said.
He said Thunes’ expanded role as a strategic Multicurrency Clearing partner would provide the digital infrastructure and liquidity required to connect African businesses and consumers with global payment ecosystems.
The partnership therefore combines Absa’s regional banking presence with Thunes’ international payment infrastructure, creating a framework for cross-border transactions across multiple payment channels and currencies.
Partnership formalised at SIBOS 2026
The expanded relationship was marked by an official signing ceremony at SIBOS 2026 in Miami, where senior executives from both organisations gathered to formalise the collaboration.
The agreement highlights the growing importance of interoperable payment infrastructure as African financial institutions seek to make cross-border transactions faster, more transparent and accessible across different markets.
For Absa, the partnership provides an opportunity to build on its existing cross-border payments offering and extend multicurrency capabilities across its broader African operations. For Thunes, the collaboration strengthens its role in connecting African payment ecosystems with international markets through local payment channels and liquidity infrastructure.
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