Cross-border payments: Attijariwafa bank signs with Thunes

The Attijariwafa bank group has entered into an international partnership with Thunes, the global operator of cross-border payments. The purpose of this partnership is to allow customers of the bank in Morocco to receive international transfers directly to their accounts.

Attijariwafa bank further facilitates access to international services for its customers, through the strategic partnership it has just signed with the international operator of cross-border payments Thunes. Indeed, according to the details provided by the global player, “this partnership allows each of the approximately 30 million holders of bank accounts in Morocco to receive payments entering directly into their accounts”. It is also noted that Thunes international customers will have the ability to send transparent, cost-effective and real-time payments to bank accounts in Morocco.

“We are delighted to announce our partnership with Thunes, the world leader in cross-border payments, to enrich Attijariwafa bank’s offer for the Moroccan population living abroad” immediately announces Nawal Alami, Head of Cash Management and Payments at Attijariwafa bank.

Describing the impact of the partnership with the Moroccan bank, for her part, Asma Ben Gamra, VP of Network Development, MENA, at Thunes, says that “we are delighted to partner with Attijariwafa bank to enable transparent payments from bank to bank on all bank accounts in Morocco. This will be a major improvement for customers who need to make regular cross-border payments, and an important step for the expansion of our network in North Africa”.

How it works ?
Note that Thunes is connected to Attijariwafa bank via Ripple, the leader in enterprise and blockchain solutions, and its global financial technology RippleNet. As a result, the connection to RippleNet and Thunes will allow Attijariwafa bank customers to receive transfers initiated via the Thunes network from all over the world and in a few seconds. Customers of other Moroccan banks can use this service by bank clearing, we note from Thunes.

Nawal Alami, of Attijariwafa bank confirmed that “thanks to Thunes joining the Ripplenet network, Attijariwafa bank and its international financial partners are now able to exchange transfers in a transparent, secure and instantaneous way”. Morocco is the third largest recipient of remittances in Africa (after Nigeria and Egypt), with a large diaspora, a dynamic market and a strong regulatory framework to foster digital payment services and reduce costs.

The World Bank estimates that personal remittances increased sharply during the pandemic, reaching around $7.4 billion at the end of 2020. Asma Ben Gamra explains, in fact, that “Morocco is a major force in the North-Eastern economy Africa, with a GDP of over $100 billion, and it is a key financial center in the region. Cross-border payments have been a challenge because in the past, customers had to use inefficient and expensive methods to send payments to Morocco”.

This partnership with Attijariwafa bank is part of Thunes’ commitment to building access to more efficient and affordable payment services around the world, an access mission for finance that the company is undertaking in collaboration with the World Economic Forum (WEF).

Coins currently supports 79 currencies, allows payments to 130 countries, and helps accept 300 payment methods. In April 2022, it acquired a majority stake in one of the leading AML platform and compliance company Tookitaki, which now enables the establishment of advanced compliance, anti-fraud and anti-money laundering capabilities ( AML) of the company, setting an international benchmark for sustainable compliance.

Ripple enters Morocco in stride

Last January, Attijariwafa bank joined RippleNet, an international cross-border payment network created by the American company Ripple. Today, Ripple is ensuring its entry into the Moroccan market, through the partnership between the Moroccan bank and Thunes. Ripple’s trading solutions are faster, more transparent and more profitable.

Sanae Raqui / ECO Inspirations